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Kazakhstan’s COVID Response: A Mixed Bag of Successes and Challenges

Astana, Kazakhstan - As the world grapples with the ongoing pandemic, Kazakhstan has made significant progress in its vaccination drive. According to latest figures, 53 percent of the population aged five and above have received two vaccine doses. This achievement is all the more impressive considering that vaccination efforts began as early as February 2021.

Rapid Response and Economic Measures

The country’s rapid response to the crisis was facilitated by a series of anti-krise fiscal measures worth 10.5 percent of GDP, aimed at mitigating the impact on the economy and society. These measures included:

Subsidies for small and medium-sized enterprises (SMEs)
Loans from state-owned banks
Support for households affected by the pandemic

Challenges Faced

However, Kazakhstan’s economic resilience has been tested by a range of challenges, including:

Decline in oil exports
Reduced income inflows
Increased imports
Current account deficit widened to 3 percent of GDP in 2021
Official reserves declined due to a deterioration in the capital account

Banking Sector Challenges

The banking sector has also faced its share of challenges, with banks forced to implement temporary prudential relaxation measures to weather the storm. These measures included:

Looser capital and liquidity requirements
Loan payment deferrals
Delayed non-performing loan (NPL) recognition

Despite these challenges, banks have managed to maintain their profitability, liquidity, and capitalization.

In addition to its economic challenges, Kazakhstan has also faced social unrest and adverse external spillovers. However, the authorities remain committed to accelerating structural reforms, with a focus on:

Economic diversification
Labor market reform
Private sector development
Governance
Regional development
Digitalization

Commitment to Climate Action

The country’s commitment to climate action is also evident, with plans to reduce carbon emissions by 15 percent by 2030 (relative to the 1990 level) and achieve carbon neutrality by 2060. To support these efforts, a Supreme Council for Reforms has been established, chaired by the President, and an independent agency for the promotion of competition has been created.

Conclusion

In conclusion, while Kazakhstan’s COVID response has presented its share of challenges, the country has demonstrated remarkable resilience and commitment to reform. As it looks to rebuild and recover in the post-pandemic era, Kazakhstan is well-positioned to capitalize on its economic strengths and pursue a path of sustainable growth and development.