Kazakh President Kassym-Jomart Tokayev held a meeting to address the worsening global market situation amid the collapse of energy and commodity prices on global markets due to tariff conflicts, the presidential press service said.
At the meeting, attended by the Prime Minister Olzhas Bektenov, the Governor of the National Bank Timur Suleimenov, and other senior officials, President Tokayev instructed to accelerate drafting the government's plan of action to address the financial and economic crisis, with aim to prevent economic slowdown and a decline in investment flows.
"The President emphasized that, despite the challenging economic conditions, the priorities he outlined for the country's development—such as major infrastructure projects, digitalization, the advancement of artificial intelligence, and the modernization of agriculture and the transport and logistics sectors—will still be implemented," - president's press service reported.
President Tokayev is expected to convene a special meeting on this matter next week.
On Wednesday, Serik Zhumangarin, Deputy Prime Minister and Minister of National Economy, said that Kazakhstan’s government was assessing various scenarios in response to potential fluctuations in oil prices.
““We have three development scenarios. Currently, we are approaching the pessimistic scenario with oil prices at $60 per barrel. This week, we began calculations for scenarios involving prices dropping to $55 and $50 per barrel," - said Zhumangarin and added that the government had "clear understanding on what needs to be cut and what should remain unaffected."
The Deputy Prime Minister also highlighted the importance of infrastructure development and job creation during a crisis.
He suggested that the state may once again turn to the National Fund, stating, “the National Fund was created for such situations, particularly during times of crisis."
Brent oil prices reached a four-year low on Wednesday, falling below $60 per barrel, after standing at approximately $75 at the beginning of April.
The sharp decline in oil prices, attributed to tensions surrounding U.S. tariff decisions, resulted in a day-on-day drop of around 2.3% on Wednesday and a 20% decrease since early April.
President Donald Trump said U.S. troops will remain stationed in Poland and suggested he is open to expanding the American military presence in the ce...
President Vladimir Putin said in a Press conference on Wednesday, that the fundamentals of Russia's relationship with Azerbaijan remain strong despite...
Turkish President Recep Tayyip Erdoğan outlined Türkiye’s efforts to strengthen ties with Beijing while also pushing forward on global peace and r...
British Prime Minister Keir Starmer defended Deputy Prime Minister Angela Rayner and his government’s handling of borrowing costs during a heated pa...
The United Arab Emirates warned Israel on Wednesday that any annexation of the West Bank would be a red line for Abu Dhabi, threatening to undermine t...
Kazakhstan and China have recently signed more than 70 agreements and contracts worth over $15 billion during the 8th meeting of the Kazakhstan–China Business Council held in Beijing. The event brought together President Kassym-Jomart Tokayev and China’s First Vice Premier Ding Xuexiang.
Kazakhstan and Tajikistan pledged to expand cooperation and strengthen regional stability during Kazakh Foreign Minister Murat Nurtleu’s official visit to Dushanbe this week.
On 26 August 2025, King Abdullah II of Jordan began a landmark tour of Central Asia. From 25 to 26 August he paid a state visit to Uzbekistan, where he held talks with President Shavkat Mirziyoyev, before travelling to Kazakhstan on 26 August for meetings with President Kassym-Jomart Tokayev.
Afghanistan and Kazakhstan are set to strengthen their relationship as Kabul presses for enhanced health-sector cooperation as part of a broader bilateral push which includes infrastructure, trade and humanitarian aid ties.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
The pound and the yen came under strain on Wednesday, weighed down by renewed investor concerns over global fiscal health and political uncertainty in Japan.
The price of gold surged sharply on Wednesday, reaching a new record of $3,530.08 per ounce. Analysts say the rise is driven by expectations of a U.S. Federal Reserve (Fed) rate cut in September and concerns over the central bank’s independence.
The New York Stock Exchange opened sharply lower on 2 September as investors weighed the legality of Donald Trump’s tariffs – a federal appeals court has ruled most of them illegal.
Eurozone annual inflation reached 2.1% in August, up from 2% in July, Eurostat announced on Wednesday.
Kraft Heinz is breaking up into two separate companies a decade after its high-profile merger, aiming to unlock greater shareholder value.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment