President Kassym-Jomart Tokayev held a meeting on April 9 with Prime Minister Olzhas Bektenov, National Bank Governor Timur Suleimenov, and other officials on the economic situation regarding the collapse of global prices for energy resources and basic goods on world markets due to tariff conflicts, reported Akorda.
Tokayev instructed the government and local executive bodies to finalize an action plan in the shortest possible time to respond to the financial and economic crisis, preventing a decrease in the growth rate and volume of attracted investments.
The priorities of Kazakhstan’s economic development, including large infrastructure projects, digitization, artificial intelligence, modernization of agriculture and the transport and logistics sector, will be implemented despite the unfavorable situation, Tokayev stressed. He will hold another meeting on this issue next week.
According to Reuters, oil prices swooned on April 3, recording their steepest percentage loss since 2022, after OPEC+ agreed to boost oil production the day after President of the United States (U.S.) Donald Trump announced sweeping new import tariffs.
Oil prices rebounded on April 9, with Brent crude rising to $65.48 a barrel and U.S. West Texas Intermediate to $62.35, after Trump authorized a 90-day pause on most new tariffs, except those for China, where the rate was raised to 125%.
OPEC+ group’s decision to increase output by 411,000 barrels per day in May, which analysts say is likely to push the market into surplus, limited oil’s gains.
Kazakhstan remains committed to the OPEC+ agreements, emphasizing its intention to continue constructive cooperation with its partners in the alliance.
