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Nazarbaev Announces New Economic Program

Kazakh President Nursultan Nazarbaev said a total of $24 billion will be allocated for the new economic program.

Kazakh President Nursultan Nazarbaev has announced a new economic program for the country called "Nurly Zhol" (Shining Path).

In his annual address to the nation on November 11, Nazarbaev said that in accordance with the new policy, as of January 1 homes will be sold to Kazakh citizens without down payments and mortgages will be provided with 1 or 2 percent annual interest.

Nazarbaev, speaking during a session of the ruling Nur-Otan party's political council, added that the government will start constructing "social renting homes" that will be offered for long-term rent to citizens who will have the right to buy them later.

He said a total of $24 billion will be allocated for the new economic program.

Nazarbaev usually addresses the nation at the beginning of each year but explained his early speech for 2015 was due to the "ongoing geopolitical crisis and sanction politics of the world's powers" that he said created challenges for many countries, including Kazakhstan.

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