“It is necessary to consider the issue of creating a public financial sector which will provide the state support and implement state programs ," he said in his request addressed to the Prime Minister of Kazakhstan.
He pointed out that in every crisis, budget funds were allocated by the government to save the private banking business. The state allocated T7.5 trillion of budget funds for these purposes.
Meanwhile, he believes, the state support measures for small and medium-sized businesses (SMEs) in the form of state subsidies of interest rates up to 6% per annum will not ensure the growth of lending, since this measure is limited to the affected sectors of the economy. It is unprofitable for entrepreneurs to take loans, since they are not granted a deferral, and the loan must be repaid in a month.
"There are about 30 thousand borrowers among SMEs in the banks of Kazakhstan, and of them only 12 thousand received a three-month deferral of payments during the state of emergency, that is, only 1% of operating SMEs," he said.
Photo source: picture from an open source