From October 23 to 26, 2024, a delegation from the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, led by Chairperson Madina Abylkassymova, participated in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WB) in Washington, D.C.
During the visit, the Kazakh delegation engaged in the Roundtable, organized by the IMF. Discussions focused on Financial Development and enhancing Financial Inclusion in Central Asia and the Caucasus. The event was attended by central bank heads from Kyrgyzstan, Uzbekistan, Turkmenistan, Tajikistan, Armenia, and Azerbaijan, as well as deputy governors from the central banks of Kazakhstan and Georgia.
The roundtable discussions centered on strengthening macroeconomic and financial stability, accelerating the rollout of innovative financial products and services, and fostering competition through liberalizing entry conditions in financial markets. Participants emphasized the importance of expanding financial literacy programs to improve access to financial services for a broader range of consumers.
The Kazakh delegation held a bilateral meeting with Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, where they discussed a roadmap for implementing IMF recommendations based on the recent Financial Sector Assessment Program (FSAP) and explored technical cooperation on the development of a new banking law.
The Agency also met with senior officials from the World Bank, including Antonella Bassani, Vice President of the Europe and Central Asia Region at the World Bank. The discussions focused on designing a catastrophic risk insurance model for Kazakhstan, creating conditions for the growth of the FinTech industry, and promoting innovations in financial technology. The parties also discussed implementing fair conduct principles for financial institutions when working with clients (Financial Conduct).
On the sidelines of the Annual Meetings, the Kazakh delegation held discussions with the leadership of the International Finance Corporation (IFC), addressing key topics in green financing, adopting Environmental, Social, and Governance (ESG) principles in Kazakhstan’s financial market, and launching infrastructure projects aimed at reducing emissions through public-private partnerships.
Meetings with leading international rating agencies, S&P Global Ratings and Fitch Ratings, provided a platform to discuss Kazakhstan’s macroeconomic outlook, the current state of the banking sector, and planned reforms to enhance the resilience and development of the financial system. Further cooperation was discussed to analyze risks within the banking sector, identify constraints on improving credit ratings for banks and issuers, and outline strategies to address these challenges.