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Persian language --- Petroleum industry and trade --- Russian language --- Persan (Langue) --- Russe (Langue) --- Glossaries, vocabularies, etc --- Dictionaries --- Russian --- English --- Persian --- Glossaires, vocabulaires, etc. --- Dictionnaires anglais --- Dictionnaires perses

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KEY ISSUES Context: Solid growth in recent years, supported by high oil prices and output, has boosted living standards. This year, the economy is slowing down, in large part because of weaker domestic and external demand, and regional tensions. Inflation is expected to accelerate temporarily due to the devaluation of the tenge (February 2014). Enhancing the policy architecture and promoting a business environment unencumbered by the state remain key challenges for Kazakhstan to become a dynamic emerging market economy and ensure durable and balanced long-term growth. The recent reappointment of Prime Minister Massimov was accompanied by the authorities’ commitment to speeding up structural reforms. In this context, the government is strengthening its links with the multilateral development banks (MDBs). The May 29 signing of the Eurasian Economic Union (EEU), with Russia and Belarus, is not expected to have near-term economic effects; medium-term effects will depend on how the Union’s rules and regulations will be implemented. Focus of consultation and key recommendations: Amid uncertain external and domestic environments, the consultation focused on policy measures to mitigate shocks and achieve the authorities’ short- and medium-term objectives, in particular: (i) restoring confidence and stability in the post-devaluation environment; (ii) resolving the nonperforming loans (NPL) problem, in line with the recent FSAP recommendations; (iii) bolstering the monetary and fiscal policy frameworks, as recommended last year; and (iv) accelerating structural reforms, including the implementation of industrialization and diversification policies carefully and transparently. Previous consultation: During the 2013 Article IV Consultation, Directors encouraged the authorities to take advantage of the positive outlook to strengthen the macroeconomic policy architecture, including by (i) showing greater determination to addressing the high level of NPLs; (ii) following through on the planned introduction of a new policy interest rate to enhance the transmission mechanism of monetary policy; and (iii) revamping the medium-term fiscal framework through improved coverage and transparency. Since then, the authorities have been more resolute in dealing with the NPL problem. However, progress in strengthening the monetary and fiscal policy frameworks has been slow.

Banking --- Banks and Banking --- Banks and banking --- Banks --- Currency --- Depository Institutions --- Energy: General --- Exchange rates --- Exports and Imports --- Exports --- Fiscal Policy --- Fiscal policy --- Foreign Exchange --- Foreign exchange --- International economics --- Investment & securities --- Investments: Energy --- Macroeconomics --- Micro Finance Institutions --- Mortgages --- Oil --- Petroleum industry and trade --- Public Finance --- Trade: General --- Kazakhstan, Republic of

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For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Developing countries -- Finance -- Periodicals. --- Economic assistance -- Periodicals. --- International finance -- Periodicals. --- International finance. --- Investments: Energy --- Labor --- Macroeconomics --- Industries: Energy --- Energy: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Education: General --- Fiscal Policy --- Macroeconomics: Production --- Labour --- income economics --- Investment & securities --- Petroleum, oil & gas industries --- Civil service & public sector --- Oil --- Education --- Civil service --- Oil production --- Natural gas sector --- Petroleum industry and trade --- Fiscal policy --- Financial services industry --- United States --- Income economics

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Oil and gas production in Azerbaijan were projected to increase sharply in 2005 and 2006, respectively, reaching peaks of 1.3 million barrels a day in 2009 and 20 billion cubic meters a year in 2010. Although expected revenues over the next 20 years will be substantial, they are projected to return to 2004 levels by 2024. Managing this temporary windfall in a way that allows for economic diversification and increased living standards is the subject of this book, which provides extensive guidance based largely on lessons drawn from the experiences--mostly negative--of other countries.

Investments: Energy --- Macroeconomics --- Public Finance --- Taxation --- Natural Resources --- Business Taxes and Subsidies --- Energy: General --- National Government Expenditures and Related Policies: General --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Energy: Demand and Supply --- Prices --- Public finance & taxation --- Investment & securities --- Environmental management --- International economics --- Oil, gas and mining taxes --- Oil --- Expenditure --- Natural resources --- Oil prices --- Petroleum industry and trade --- Expenditures, Public --- Azerbaijan, Republic of

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Selected Issues.

Banks and Banking --- Investments: Energy --- Finance: General --- Labor --- Taxation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Business Taxes and Subsidies --- General Financial Markets: General (includes Measurement and Data) --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Energy: General --- Banking --- Public finance & taxation --- Finance --- Labour --- income economics --- Investment & securities --- State equity participation --- Commercial banks --- Competition --- Banks and banking --- Economic theory --- Petroleum industry and trade --- Russian Federation