Kazakhstan, Astana, May 23 / Trend, D. Mukhtarov /
Refusal to borrow from abroad has helped Kazakhstan to survive and get out of the global financial crisis, President Nursultan Nazarbayev said addressing the Fifth Astana Economic Forum on Wednesday.
"We decided to refuse any external loans. Easy loans are a trap. One just should stop living on credit and loans as we do now," Nazarbayev said.
He said another way out of the crisis was the correct policy of his government, thanks to which it was possible to get the country out from the global crisis by implementing new projects and providing new jobs.
"They say that one should expect a second wave of the global crisis, but the first wave has been on-going for five years. However, we have developed a special plan for this scenario. The budget oil price is now $50 - $60 per barrel," he said.
He also stressed that reserves of the special National Fund will be used during the crisis for implementation of the new projects.
"We have directed all our revenues from oil and gas resources to the special National Welfare Fund. Reserves of the fund along with the National Bank are now worth $86 billion," Nazarbayev said.
He added that today Kazakhstan's debts are low.