BAKU, Azerbaijan, June 9. Kazakhstan’s Energy Minister Yerlan Akkenzhenov and Head of the IMF Mission to Kazakhstan Amina Lareche discussed current trends in the country’s energy sector development, Trend reports, citing the Kazakh ministry.
During the meeting, the sides addressed issues of energy security, investment attractiveness of the industry, as well as prospects for the development of the oil and gas complex and the electricity sector.
Akkenzhenov said Kazakhstan remains committed to ensuring the stable functioning of its energy system, which plays a key role in the country’s economic development. He noted that particular attention is being paid to the modernization of energy infrastructure, the development of petrochemicals, the expansion of the resource base, the attraction of investments, and the diversification of export routes.
The discussions also covered the development of renewable energy sources. Both sides exchanged views on improving sector policies, strengthening energy security, and enhancing the efficiency of the energy system. The IMF reportedly positively assessed Kazakhstan’s ongoing efforts to develop its energy industry.
In the context of the global energy agenda, the meeting highlighted the importance of maintaining stability in international energy markets, reliability of supply chains, and predictability in global energy trade conditions.
The parties confirmed mutual interest in further constructive cooperation and continued dialogue on the sustainable development of Kazakhstan’s energy sector and economy.
Kazakhstan joined the International Monetary Fund in 1992. According to the IMF, the most recent Article IV Executive Board Consultation was concluded on January 20, 2026, noting that Kazakhstan’s economy continued to grow at a rapid pace in 2025, supported by rising oil production and strong performance in non-oil sectors.
“Strong domestic demand, underpinned by an expansionary public sector stance, has contributed to clear signs of economic overheating. Alongside imported price pressures, this has helped push inflation well above its target. Overall, banks remain resilient amid rapid consumer credit growth. In the medium-term, growth is projected to moderate to around 3½ percent, and inflation would decline only gradually to its 5 percent target by 2030” the IMF said.
