Yesterday, on April 9, President Kassym-Jomart Tokayev met with Prime Minister Olzhas Bektenov, Kazakhstan’s National Bank Chair Timur Suleimenov and other top officials to discuss the plummeting energy and commodity prices due to the escalating trade war between major economic powers.
The president instructed the cabinet and local authorities to finalize their anti-crisis action plan as soon as possible to prevent a decline in foreign investment and a potential economic crisis.
Tokayev highlighted that Kazakhstan will continue implementing key development priorities, including infrastructure projects, digitalization, artificial intelligence, agriculture modernization and logistics, despite the unfavorable global economic situation.
As the president aims to stay informed, he is expected to hold another meeting with the cabinet on the issue next week.
The price of June futures for Brent crude oil dropped to $63.06 per barrel on the Intercontinental Exchange this week, hitting historic lows last seen in April 2021.
