"When you were once helped, it's time to return the favor," Tokayev said regarding the support provided to banks.

According to the official Telegram channel of Akorda, the president commented on the financial support for significant projects.

"It has been said many times that the resources of second-tier banks can and should be utilized for the implementation of government programs aimed at the construction and modernization of major infrastructure projects."

"We need to gradually redirect the funds allocated by the state towards subsidizing loan interest rates. This will significantly increase the coverage of financing and effectively engage the liquidity of banks in the economic turnover," said the president.

He reminded that from 2017 to 2020, several large banks received state support under the terms of collective responsibility of their shareholders, including funding from the National Fund, for a period of 15 years.

"Some banks have already covered all losses but continue to hold onto state-owned funds. Moreover, they have guaranteed profits by investing them at high interest rates in low-risk state instruments. The government and the National Bank are tasked with making a decision."

"I want to emphasize on this matter: banks are by no means enemies of the government and, even more so, of the people, but there must be a fair partnership based on dialogue. You were helped once, now you should respond in kind," stated Tokayev.

We recall that last autumn, during a government meeting, Deputy Erlan Sairov asked why state funds were not being reclaimed from private banks despite the country's budget deficit. Prime Minister Olzhas Bektanov responded at that time that the assistance provided to banks would be returned but without any "harsh decisions."

Additionally, today, January 28, Tokayev is holding an expanded government meeting in Astana. As previously reported by Akorda, the meeting will summarize the socio-economic development of the country for 2024 and outline key tasks for the government for the upcoming period.

At the meeting, Kazakhstan's Prime Minister Olzhas Bektanov proposed to increase VAT. Deputy Prime Minister and Minister of National Economy Serik Zhumangarin explained on this topic that tax collection in Kazakhstan is insufficient and announced the possible abolition of the social tax and pension contributions.

Moreover, Tokayev instructed to accelerate the construction of the first nuclear power plant in Kazakhstan and to determine a location for the second one. The president also stated that aviation fuel at Kazakhstan's airports is too expensive, hindering their transformation into internationally competitive hubs.