The World Bank has said that plans are underway to support global efforts for sustainable developments and inclusive growth.
Vice President, World Bank for Europe and Central Asia, Cyril Muller who made the statement during his visit to Kazakhstan, commended the countries which embark on ambitious reforms, aimed at diversifying global economy while adjusting to the new reality of low oil prices.
He said, “We know that the adjustments carried out to fiscal and monetary policies are not easy, but these are necessary to address imbalances”.
He said the World Bank is focusing on challenges of creating productive and quality jobs, given the outlook for a much less favourable environment in the coming years.
Muller congratulated the Prime Minister of Kazakhstan for the progress made in advancing its business reforms by implementing the largest number of reforms in the world last year, which secured a spot among the top ten reformers in the World and the 41st place globally.
“This period presents an opportunity for Kazakhstan to put a stronger focus on economic diversification to support the creation of quality jobs.
“Achieving this will require continued reforms and a jobs strategy with a focus on private sector growth. Targeting directly the challenges facing rural areas by promoting connectivity, strengthening local economies, and integrating rural and urban value chains will also be key,” Muller stated.