ALMATY: Kazakhstan’s President Kassym-Jomart Tokayev has started a cabinet reshuffle, appointing Olzhas Bektenov as the new prime minister. Bektenov, a former head of Kazakhstan’s Anti-Corruption Agency, takes the helm amidst a backdrop of economic challenges and geopolitical tensions.
The reshuffle comes as no surprise to analysts, who view it as a move aimed at jumpstarting economic reform efforts that have faced resistance in the past. Bektenov’s appointment follows the tenure of Alikhan Smailov, who oversaw the government during a tumultuous period marked by domestic unrest and the fallout from Russia’s invasion of Ukraine.
President Tokayev has outlined ambitious economic goals, including doubling the country’s gross domestic product (GDP) by 2029. However, achieving this target requires sustained annual GDP growth of at least 6%, a figure that currently falls short of forecasts.
Kazakhstan Govt Aims Economic Growth
Bektenov’s agenda as prime minister includes bolstering the real economy and attracting foreign investment. These measures are expected to be coupled with initiatives to trim the state budget, such as loosening price controls and privatizing subsidiaries of state-owned companies in the oil and gas sector.
While these reforms have the potential to stimulate economic growth, they have historically sparked protests and public dissatisfaction. Previous attempts to lift subsidies and reduce state intervention in the economy have faced resistance, underscoring the challenges ahead for Bektenov’s administration.
Despite these hurdles, President Tokayev and his new cabinet remain committed to advancing economic reform and positioning Kazakhstan for sustainable growth in the years ahead.
