Contacts: In Almaty: Elena Karaban (7-3272) 980-580 [email protected] In Washington: Andrew Kircher (202) 473-6313 [email protected] ASTANA, December 4, 2006 - The Republic of Kazakhstan signed two memoranda of understanding with the World Bank on Friday that aim to further modernize the country’s economy and strengthen the oversight of its extractive industries revenue. The two agreements focus on improving the efficiency of public finance management at all levels of the Kazakh government, and also supporting the country’s efforts at increasing transparency of payments and revenues of extractive industries through implementation of the Extractive Industries Transparency Initiative (EITI). Kazakhstan joined the group of countries taking part in the EITI in October 2005. Under the agreements signed on Friday, the World Bank will provide technical assistance and advice in both areas to the Kazakh government. “This is a great step forward in implementing President Nursultan Nazarbayev’s objectives for bringing Kazakhstan into the group of the world’s 50 most competitive nations and for improving corporate management and transparency in the country,” said Kazakhstan Deputy Prime Minister Karim Massimov, who signed the memoranda on Friday in Washington. “The World Bank has strongly supported President Nazarbayev’s initiatives to continue structural reforms in our economy.” The two agreements build on the Kazakhstan-World Bank Joint Economic Research Program (JERP), which was launched in 2002 and which forms the cornerstone of the Bank’s assistance to the country. The ongoing program of joint economic research is financed through a cost-sharing arrangement and has proved to be very effective in ensuring that analytical services are supporting the government’s thinking and decision-making processes in key strategic areas. The areas of focus and scope of the economic research program are determined by the Government in consultation with the World Bank on an annual basis. Topics currently being examined under the JERP include education and health strategies, public expenditure and procurement policies, WTO accession, poverty analysis, mitigating the environmental impact of growth, oil income management, and ways to foster innovation and technology. “The signing of these agreements will be very beneficial for Kazakhstan as it strives to modernize its economy and improve its competitiveness,” said Shigeo Katsu, World Bank Vice President for the Europe and Central Asia Region, who signed the agreements on behalf of the Bank. “The World Bank is very pleased to provide support to Kazakhstan in these efforts through our technical assistance and advice.” ### For more information about the World Bank’s work in Kazakhstan, please visit www.worldbank.org.kz |
