IMF Urges Kazakhstan To Stay The Course On Inflation
Collage: Orda.kz
The International Monetary Fund has backed the National Bank of Kazakhstan’s tight monetary policy following its June mission to the country, Orda.kz reports.
At the same time, the IMF’s latest statement no longer mentions economic overheating — a risk the fund had warned about earlier.
The IMF mission worked in Kazakhstan from June 3 to 12. According to the fund, economic growth remains resilient, supported by high oil prices. The IMF expects Kazakhstan’s GDP to grow by about 4.6% in 2026.
The fund noted that inflation in Kazakhstan is gradually slowing. It fell from 12.9% in September 2025 to 10.4% in May 2026. However, inflation remains above the target level, so IMF experts recommended maintaining restrictive monetary policy.
The IMF also repeated a point it has made before: the National Bank’s efforts alone are not enough to bring inflation down. State and quasi-state financing policies should also be more cautious, otherwise the economy could again face overheating risks.
Among the risks for Kazakhstan, the IMF listed stronger domestic demand, rising import prices, worsening conditions in global financial markets, and possible disruptions to the Caspian Pipeline Consortium.
Original author: Alexander Zhdanov
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