Kazakhstani President Nursultan Nazarbayev said at a meeting on socio-economic development of the republic that budget expenses may be cut and executives should start saving money, APA reports.
Prices for products exported by Kazakhstan dropped due to oil prices going below $50 per barrel. Prices for metal fell too. The situation around Ukraine, anti-Russian sanctions, and the devaluating Russian ruble have an impact on the situation, reminds Nazarbayev. The president added that Kazakhstan had built over 700 schools and 700 hospitals throughout the years of independence. The country will now complete ongoing projects and halt new ones until the end of the crisis.
Nazarbayev concluded that the country had all the necessary reserves to get through the crisis times.
