Kazakhstan to tap National Fund as global crisis contingency

Kazakhstan may rely on its National Fund and international reserves to withstand a potential global economic crisis, President Kassym-Jomart Tokayev said during an address to residents of Shymkent, where he is currently on a working visit.

Tokayev warned that the world is shifting toward a policy of aggressive tariff confrontation, which could spark more than just another recession.

«This is not just another recession. We’re facing the possibility of a severe crisis that could shake the foundations of the global economy and have dire consequences for the entire system of international relations,» he said.

Despite global uncertainty, Tokayev assured the public that Kazakhstan will remain resilient and that the government will continue to meet all its social obligations.

«If the global crisis worsens, we will be able to draw on the National Fund and our gold and foreign exchange reserves,» he said.

Tokayev also noted his support for U.S. President Donald Trump’s decision to delay tariffs on European countries for 90 days.

Previous media reports have cited Tokayev’s concerns that global tariff disputes could lead to a major economic storm that would inevitably impact Kazakhstan. However, he emphasized that there is no cause for panic.