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President announced measures to support SMEs amid State of Emergency in Kazakhstan

31 March 2020
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Kassym-Jomart Tokayev announced measures to support small and medium businesses for the period of emergency in Kazakhstan, including tax preferences, deferrals on payments and loans.

"As for the proposals of representatives of small and medium businesses, a large number of proposals have been supported and are already being implemented by government agencies. It concerns the expansion of activities recognized as priorities for government support, reduction and unification of the loan rate, increasing the volume of government guarantees," the Head of State said.

Kassym-Jomart Tokayev also noted that the agency is working with banks and other financial organizations to defer and restructure payments on SME loans.

"I want to focus on this issue separately. Many entrepreneurs ask to order banks to stop charging interest on loans during the emergency period. It should be understood that for banks it is a lost profit, loss. Banks are also an integral part of our economy. Therefore, I once again appeal to the second-tier banks to show constructivism, civic responsibility, and solidarity. In difficult moments for banks, the government has provided them with significant assistance. Now we need support from you for the population and domestic business," President said.

 Among other measures to support SMEs in the most affected sectors of the economy, the charge and payment of taxes and other payments from the wage fund are abolished for six months (from April 1 to October 1 this year). These sectors include catering, some sectors of trade, transport services, consulting services, IT-sector, hotel business, tourism, etc. The full text of the President’s statement can be found here.

 


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