About International Monetary Fund
The International Monetary Fund (IMF) is a specialized agency of the United Nations, established to oversee the monetary relations of member countries and support them in the event of a balance of payments deficit by granting short-term and medium-term loans.
The IMF was established on December 27, 1945. The IMF has 190 member countries. The Board of Governors and the Executive Board are the governing bodies. On March 1, 1947 the IMF began conducting financial operations. Special Drawing Rights (SDRs) are the IMF's unit of account.
About membership of Republic of Kazakhstan in the IMF
Pursuant to the Governmental Decision of the Republic of Kazakstan of March 18, 2002 No. 323 “On Appointment of Representatives of the Republic of Kazakhstan at the Boards of Governors”, the Governor of the National Bank of Kazakhstan is a member of the IMF’s Board of Governors.
The Republic of Kazakhstan became a member of the IMF in 1992. The quota of the Republic of Kazakhstan in the IMF is 1158.4 million SDR.
The National Bank of Kazakhstan cooperates with the IMF on a wide range of issues within the framework of the membership of the Republic of Kazakhstan. The IMF has provided technical assistance to the National Bank over the years on balance of payments statistics, the function of lender of last resort, monetary policy, inflation targeting, modeling and forecasting, banking supervision, financial stability, risk management, and debt management.
The senior management of the National Bank of Kazakhstan regularly attends the Spring and Annual Meetings of the Boards of Governors of the IMF and the World Bank Group, which serve as a platform for exchanging views, learning best practices, as well as for establishing and strengthening international relations. Also, the National Bank of Kazakhstan regularly receives the IMF Mission for Kazakhstan in accordance with the Article IV of the IMF Articles of Agreement. During the meetings the main areas of the central bank’s activities are discussed, including issues of monetary and exchange rate policy, financial stability and balance of payments.
In December 2022, together with interested government agencies, preparatory work began for the IMF and WB to conduct Financial Sector Assessment Program for Kazakhstan (FSAP). FSAP is expected to be completed in December 2023. Based on the results of the FSAP, the IMF and the WB will prepare reports and recommendations.
IMF Credits to the Republic of Kazakhstan
On 24 May 2000, the National Bank of Kazakhstan repaid its liabilities on the IMF credit lines worth SDR 340.3 million ahead of the schedule. At present, Republic of Kazakhstan is not planning to borrow from the IMF.
Cooperation within the Swiss Constituency
In July 2010, during the bilateral meetings between the Governor of the National Bank and the management of the Swiss National Bank in the margins of the Bank for International Settlements annual meeting a preliminary agreement was reached on the transition of the Republic of Kazakhstan to the Swiss Constituency of the IMF.
In September 2010, the Memorandum was signed between the Government of the Republic of Kazakhstan and the Government of the Swiss Confederation on understanding and cooperation in the Bretton Woods institutions (Astana), which became the basis for transfer of the Republic of Kazakhstan from the Belgian Constituency to the IMF Swiss Constituency. The IMF Swiss Constituency includes such countries as Poland, Serbia, Azerbaijan, Kyrgyzstan, Turkmenistan, Tajikistan и Uzbekistan.
The National Bank of Kazakhstan regularly participates in the meetings of the IMF Swiss Constituency, and also actively cooperates with central banks of the member countries of the Constituency on National Bank matters. In 2022, the National Bank of Kazakhstan supported the candidacy of a representative of Switzerland for the position of Executive Director of the Swiss Constituency.
Visits of the IMF management to the Republic of Kazakhstan
On 24 May 2016, IMF Managing Director visited Republic of Kazakhstan. The main purpose of Christine Lagarde’s visit was participation in the IMF Regional Conference coinciding the Astana Economic Forum.
On 16 May 2018, an IMF Regional Meeting was held with participation of the IMF Deputy Managing Director Tao Zhang. Tao Zhang’s purpose of visit was to make a preliminary assessment of the location of an IMF Regional Technical Assistance Center.
On 16 May 2019, the National Bank of Kazakhstan, jointly with the IMF, with participation of the IMF Managing Director Christine Lagarde conducted an IMF Regional Meeting for heads of central (national) banks and ministries of finance of countries of the Caucasus, Central Asia and Mongolia in Astana in the margins of the Astana Economic Forum dedicated to the Policy of Inclusive Growth.
On December 15 2020, IMF Managing Director Kristalina Georgieva and Governor of the National Bank of Kazakhstan during an online ceremony signed a Letter of Understanding on support of Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC).
On 9 June 2023, IMF Managing Director Kristalina Georgieva visited the Republic of Kazakhstan. The main purpose of the visit was participation in the opening ceremony of CCAMTAC, as well as participation in the plenary session of the Astana International Forum.
Opening of the CCAMTAC in Almaty
The IMF has a large network of regional technical assistance centers. The IMF currently has 17 regional centers located in Africa, Southeast Asia, Europe, the Middle East, America and Central Asia.
The activities of such centers are aimed at developing the capacity of IMF member countries, extending the regional integration, promoting the development of common anti-crisis solutions, as well as meeting the economic development needs of IMF member countries.
To help the Caucasus, Central Asia and Mongolia strengthen the capacity in 2019, the IMF decided to open a regional technical assistance center in Almaty, the outcome of many years of beneficial cooperation between the Republic of Kazakhstan and the IMF. This decision was announced during the Annual Meetings of the IMF and the World Bank in Washington on October 18, 2019.
The purpose of creating CCAMTAC is to coordinate and implement the IMF's capacity building activities in the region and to interact with 9 countries in the region (Kazakhstan, Armenia, Azerbaijan, Georgia, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan) and various financial institutions. CCAMTAC will promote the development of professional skills and increase the professional competence of employees of government bodies, including the Republic of Kazakhstan, on macroeconomic analysis, monetary and budgetary policy, financial regulation and supervision, and macroeconomic statistics.
The CCAMTAC’s financing model assumes financial contribution of beneficiary countries, other donors (international organizations and other IMF member countries), and the IMF.
CCAMTAC began its activities virtually in February 2021 due to the pandemic, including the provision of technical assistance. Since July 2020, webinars and seminars have been held for employees of government bodies in the region.
As part of the CCAMTAC launch, the IMF formed a CCAMTAC Coordinating Committee, which will provide strategic guidance, assist in identifying priorities and approve the CCAMTAC budget. Deputy Governor of the National Bank of Kazakhstan A. Moldabekova – is the main representative from the Republic of Kazakhstan, also served as the Chairman of the Committee in 2021, and the Chairperson of the Financial regulator Abylkassymova M.E. is an alternative representative.
The grand opening ceremony of CCAMTAC was held on June 9, 2023, in Almaty, by Governor of the National Bank Galymzhan Pirmatov, and IMF delegation led by Managing Director Kristalina Georgieva. The ceremony was also attended by the heads of central banks and ministries of finance and economy of the countries of the region and the world, international financial organizations and a number of diplomatic missions, as well as representatives of government bodies.
