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Pandemic risks are more long-term - Askar Mamin

«We must be aware that the risks of the pandemic are more long-term than it was previously assumed,» the Prime Minister of Kazakhstan Askar Mamin said at a meeting of the Eurasian Intergovernmental Council in an expanded format.

According to him, the latest report of the International Monetary Fund noted the increasing uncertainty of the prospects for the recovery of world production. The main risk today is the uneven rate of immunization in the world, as well as the emergence and spread of new and more aggressive strains of coronavirus. The risks of scrapping economic incentive programs by developed countries have grown.

«In its latest report, the World Bank stresses that two-thirds of developing countries will not be able to offset last year’s decline in per capita income by 2022. These dynamics create additional potential for imbalances in the global economy and heighten risks for a recovery in demand in global markets. In this regard, they consider it necessary to update the measures taken within the EAEU in April 2020 to ensure economic stability in the context of the COVID-19 pandemic, taking into account the need to support the economies of our states in conditions of increased uncertainty,» Askar Mamin said.

He also drew attention to the fact that it is necessary to step up work on building up industrial cooperation within the EAEU, and to develop mechanisms for its financing. In addition, the Prime Minister of Kazakhstan considers it important to strengthen the digital potential of the Union.

«I propose to instruct the Eurasian Economic Commission (EEC) to make appropriate proposals. At the same time, I would like to stress once again that the subject of integration of our association should be exclusively the economic interests of the countries. I will note the need to increase and digitalize the rate of vaccination in the EAEU states. After all, vaccination is a fundamental factor in the early recovery of the economies of our countries from the crisis. The dynamics of the growth of world prices requires from us to take urgent measures to stabilize food prices in the EAEU states,» he concluded.