BAKU, Azerbaijan, October 30. Kazakhstan continues to pursue economic diversification, but the oil and gas sector still accounts for a significant share of the country's GDP and fiscal revenues, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), said during an online briefing, Trend reports.
According to him, oil and gas resources remain a key source of economic growth, investment, and employment, but the volatility of commodity markets poses risks to economic stability.
He noted that in order to reduce dependence on the oil cycle, it is necessary to strengthen fiscal institutions and diversify revenues outside the oil sector.
Azour stressed that it is important for Kazakhstan to develop other industries—mining, agriculture, and manufacturing—and to take advantage of its geographical location and transport links.
According to the IMF representative, accelerating structural reforms, improving the business environment, and privatizing some state-owned enterprises will be key factors in sustainable economic growth and enhancing the role of the private sector.