On December 7, 2022 the Chairman of the Agency met with representatives of the International Monetary Fund (IMF) and the World Bank. This meeting was held under the Financial Sector Assessment Program of the Republic of Kazakhstan (FSAP), Delovoy Kazakhstan reports.
The FSAP is conducted jointly by the IMF and World Bank and provides a comprehensive and in-depth examination of a country's financial sector in two main directions: assessment of financial sector stability and soundness and assessment of its potential contribution to growth and development of the country's economy.
FSAP is mandatory for the 47 countries determined by the IMF as jurisdictions with a systemically important financial sector (G20 countries, Malaysia, Colombia, Singapore, New Zealand, etc.). Other countries are assessed under FSAP by request of the authorities every 5-7 years.
During the meeting, FSAP Scoping Mission representatives had consultations with representatives of the Agency to determine the scope and direction of the assessment. Within the framework of the Scoping Mission, the FSAP team held meetings with the National Bank of Kazakhstan, the Association of Financiers of Kazakhstan, Kazakhstan Stock Exchange, financial institutions, Ministries of Finance and National Economy, National Management Holding "Baiterek" and AIFC.
Based on the results of the FSAP, the IMF and the World Bank will prepare a report and recommendations on further development of Kazakhstan's financial sector.
