Baku, Azerbaijan, May 28
By Ali Mustafayev – Trend:
The government of Kazakhstan works to prevent the bankruptcy of the KazAgro holding, the Minister of Agriculture of Kazakhstan Umirzak Shukeyev said during the session of the Kazakh parliament.
He stressed that over the past 5-6 months Kazakh government carried out a large-scale work to stabilize the financial situation of KazAgro.
"Previously, KazAgro took a large amount of loans from foreign markets in foreign currency. These funds were distributed to second-tier banks in tenge. Then the country experienced devaluation, which caused significant issues regarding exchange rates," Shukeyev said.
The minister added that an impressive portion of KazAgro's funds was invested in unsustainable second-tier banks. These factors have led to a deficit worth more than a billion US dollars.
"KazAgro is the operator of the government in the agricultural sphere, so we will not allow its bankruptcy to happen, and currently work to stabilize the situation," Shukeyev said.
During the parliamentary session, the minister also presented amendments to the state program for the development of the agro-industrial complex (AIC) for 2017-2021, developed by the Ministry of Agriculture. The amendments envisage the implementation of the project management of the state program, the development of sectoral programs, as well as a significant increase in the budget of the agro-industrial complex.
---
Follow the author on Twitter: @Ali_Mustafayev
