Nazarbayev announces new Kazakh privatization programme

Kazakh privatization: Kazakhstan’s President Nursultan Nazarbayev used yesterday’s State of the Nation to launch a new privatization program that is to include all the country’s state-owned organizations. “The public sector includes more than seven thousand enterprises,” he said, and went on to criticise the efficiency of Samruk Kazyna and Kazagro, the two state-run agencies in charge of most of Kazakhstan’s industrial and agricultural assets. 
The new privatisation programme would only succeed if it commanded fair market prices and was  conducted on an open and competitive basis on stock markets and in open auctions, he predicted.  The programme will be open to both domestic and foreign investors.
The programme is partly a response to the effect that the collapse in world oil prices has had on the Kazakh economy and which has seen state revenues drop by 20%. “Revenues from value-added tax have fallen by 25% and corporate tax collection by 13% because export commodity prices have fallen,” he said. “To raise taxes is not a solution, as it will create additional pressures on business. ”