The IMF has also said that the role of the state in the economy needs to be substantially reduced. Achieving sustainable development goals would require improving the effectiveness of public spending and increasing revenue mobilisation.

The country reduced oil exports by 16.5 percent year-on-year to 5.888 million tonnes and increased exports of natural gas by 10.7 percent to 5.03 billion cubic metres (bcm).

Kazakhstan’s economy first returned to growth in the first half of 2021 after months of contraction.

Oil production in March was below the country’s quota under OPEC+ commitments at 675,000 bpd. Azerbaijan is now set to produce 682,000 bpd in April and 688,000 bpd in May.