Finance Minister Explains Tsesnabank Bailout: to Support Agricultural Complex

AKIPRESS.COM - Finance Minister of Kazakhstan Alihan Smailov told reporters why the government decided to provide a bailout for Tsesnabank.

"The task was to support agricultural complex, the Tsesnabank accounts for 65% of agricultural credits issued. The bailout will make sure the spring field work will go on uninterrupted and the workplaces will be preserved.

Kazakh government has given $1.6 billion to Tsesnabank, on top of its initial $1.8 billion aid package. "It's a budgetary money, it's moneyattracted on a returnable basis," he said.

Kazakh central bank said earlier that the state aid was necessary because agricultural companies, which were among Tsesnabank's biggest...