World Bank president visits Kazakhstan

16/11/2004 | www.worldbank.org

During today's meeting with President Nursultan Nazarbayev, Mr. Wolfensohn outlined four areas - oil revenue management, health, education, and infrastructure - where Kazakhstan and the World Bank can work effectively together.

Contacts: in Almaty - Elena Karaban (7-3272) 980-580
Email: ekaraban@worldbank.org
in Astana: Irina Galimova (7-3172) 580-555
Email:  igalimova@worldbank.org

ALMATY, November 15, 2004—World Bank President  James D. Wolfensohn arrived today  in Almaty to discuss the forging of a new partnership between Kazakhstan and the World Bank. During today’s meeting with President Nursultan Nazarbayev, Mr. Wolfensohn outlined four areas - oil revenue management, health, education, and infrastructure - where Kazakhstan and the World Bank can work effectively together.
 
“The World Bank is ready to partner with Kazakhstan in its journey to a more competitive and diversified economy to the betterment of its people. Kazakhstan has been blessed with an endowment of oil resources that has driven the economy in recent years. However, as history has shown many times, oil is a blessing only if it is used wisely for the benefit of all a country’s citizens ,” said Mr. Wolfensohn. 
 
Earlier today, in his keynote address to the Congress of Financiers of Kazakhstan, Mr. Wolfensohn hailed the country’s economic achievements and the government’s commitment to reform. To achieve sustainable competitiveness, Wolfensohn urged, more investments are needed in infrastructure,  education,  and health.
 
“In his address to the nation in March 2004, President Nazarbayev laid out a comprehensive agenda for the country’s development, which identified the right goals and focused appropriately on achieving a diversified and competitive economy. The challenge now is how to implement this vision.  The World Bank is ready to help,”   said Mr. Wolfensohn.
 
Mr. Wolfensohn continued saying that “balanced development – development that creates jobs and opportunities for everyone – is the goal that we all seek. Investments are needed in people, infrastructure and institutions, both public and private. We must also look at the issues of youth and how we can provide them hope and opportunities in years ahead.”
 
One of the main goals of the World Bank President’s visit to Kazakhstan is to discuss the new partnership between the country and the World Bank Group. The new Country Partnership Strategy offers an innovative approach to enhancing the competitiveness of the Kazakh economy and diversify away from its reliance on oil and gas. In this regard Kazakhstan is a pioneer in the development of new ways for the World Bank Group to work with Middle-Income Countries. The keystone of the new partnership is the Joint Economic Research Program (JERP), co-financed by the World Bank and the Government of Kazakhstan, which is also seen as a model for other Middle-Income Countries. The extension of the JERP for an additional 3 years will be signed in Astana on November 16, 2004.
Mr. Wolfensohn’s visit to Kazakhstan also includes a visit to the new capital Astana, where he will meet Prime-Minister Daniyal Akhmetov and selected members of the Government, and hold a lecture at the Gumyliev Eurasian University. He is accompanied by Messrs. Shigeo Katsu, World Bank Vice President for Europe and Central Asia; Dennis de Tray, World Bank Country Director for Central Asia; Khosrow Zamani, International Finance Corporation (IFC) Director for Europe and Central Asia; and Loup Brefort, Country Manager for Kazakhstan.
 
For more information about World Bank in Kazakhstan please visit:
http://www.worldbank.org.kz

Related stories

  • World Bank pledges to work with countries in 'complicated' ...

    Now that the a decade-long economic boom has come to an end, Latin American countries are looking to engage with the World Bank to deal with development challenges amid more complex external conditions

  • Mexican central bank warns on weaker peso but welcomes ...

    Mexico’s deputy central bank governor tells Emerging Markets that overall his country will benefit rather than suffer from rising US interest rates but warns that a depreciation of the peso is a ‘risk’ to the otherwise positive outlook.

  • Robust growth remains elusive for Peru

    Ambition and reforms, Peru has aplenty. But despite getting many things right, it is not being rewarded with strong growth. In the year before the next presidential election frenzy, can Peru get moving again?

  • LatAm must look to private finance to fill yawning infrastructure ...

    Huge. Massive. Vast. Pick any of these words and it would more than adequately describe the need for infrastructure in Latin America and the Caribbean. But having failed to take advantage of the boom years to finance major projects, governments now need to look to the private sector to fill the gap.

  • China to turn off tap of easy credit to 'errant' LatAm states

    Chinese officials in Beijing are growing increasingly unhappy with the government’s policy of offering cheap loans without conditions to troubled Latin American states that might never be able to repay them.


Editor's Picks


In Focus

  1. No pain, no gain: Argentina gears up for necessary adjustment

  2. Deepening Petrobras scandal dogs Brazilian hopes of recovery