President of Kazakhstan Nursultan Nazarbayev warned on Wednesday that Urkaine's GDP will decline this year as a result of ongoing conflicts.
Ukraine's GDP decline by year's end will reach at least six percent, Nazarbayev said, while inflation is expected grow to 20 percent with major depreciation of the national currency.
"We cannot but worry about this and we cannot but take this into account," Nazarbayev said. "We have economic and human ties with the Ukrainian people, trade contracts. Kazakh people are seriously concerned over the Ukrainian developments, feel compassion for ordinary people in their tragedies. From the bottom of our hearts we urge all the conflict sides to sit down at the negotiating table and find solutions for ending the bloodshed in a trust-based, candid dialogue."
Anti-crisis plans were developed to deal with such an event, according to Kazakh Minister of Economy and Budget Planning Erbolat Dosayev.
"Taking into account the growing world economy risks, the ministry today is engaged in system-based monitoring of the dynamics of the internal and external economic indicators and their effects on the economy," Dosayev said. "Anti-crisis plans, depending on different economy scenarios, have been worked out in co-operation with state agencies. In addition, a separate plan of measures has been worked out at your [President Nazarbayev's] instructions in case more sanctions are imposed on Russia and the situation around Ukraine aggravates further. The plan will be updated in September 2014."
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme