The International Monetary Fund (IMF) has released its concluding statement following the recent IMF Mission to Kazakhstan, which took place from May 15 to 23, 2025. The statement provides an updated assessment of the country’s economic landscape, development outlook, and policy recommendations aimed at maintaining stability and sustaining growth, DKnews.kz reports.
Strong Economic Growth Continues in Kazakhstan
The IMF notes that Kazakhstan is experiencing robust economic growth, supported by high activity in services, transport, construction, manufacturing, and mining sectors. Public investments in infrastructure are on the rise, alongside the implementation of key projects in digital technologies, artificial intelligence (AI), agribusiness, and logistics.
These trends reflect the government's strategic focus on economic diversification and technological advancement.
Key Risks: Inflation, Delays, and Global Uncertainty
Despite positive momentum, the IMF identifies several risks that could undermine economic performance:
- Potential growth slowdown due to delays in major infrastructure projects;
- Rising inflationary pressures, particularly as domestic demand strengthens;
- Increased global trade protectionism, contributing to external uncertainty;
- Falling oil prices and weaker growth in Kazakhstan's main trading partners such as China, Russia, and the EU.
The IMF also highlighted a sharp uptick in inflation in April, projecting it to remain at 10.5% in 2025, well above the National Bank of Kazakhstan’s target range.
IMF Calls for Tight Monetary and Macroprudential Policies
To tackle inflation, the IMF stresses the importance of maintaining a restrictive monetary policy. It also supports the tightening of macroprudential regulations, which would help reduce risks to financial stability, especially in light of rising consumer lending.
These measures, the Fund believes, are essential to curb inflation, protect household savings, and ensure long-term macroeconomic resilience.
Next IMF Mission Scheduled for September 2025
The next IMF Article IV consultation mission to Kazakhstan is scheduled for September 2025. The Fund will continue its dialogue with national authorities, focusing on long-term policy alignment, economic diversification, and inflation management.
