10:33, 28 April 2009 | GMT +5
?Kazakhstan President?s Address to the Nation is an inspirational, message with an upbeat note?, - Ong Keng Yong, Director, Institute of Policy Studies, Singapore
ASTANA. April 28. KAZINFORM Ong Keng Yong, Director of the Institute of Policy Studies of Singapore, who used to hold the post of Secretary General of the ASEAN in 2003-2007, shares his opinion of the ?Through Crisis to Renovation and Development? Annual Address to the Nation of President of Kazakhstan Nursultan Nazarbayev and his authorship article ?The Key out of Crisis?;Kazinform refers to the press service of the Kazakh MFA.

In particular, Mr. Ong Keng Yong points that the current global economic crisis is unprecedented and no one knows for sure how long it will last and how it will end. So far, the attention of policy-makers is focused on four approaches in managing the crisis. Fist, fiscal stimulus to restore consumer demand. Second, liquidity for banks and businesses to ease the credit crunch. Third, job preservation to keep unemployment down. Forth, reform of institutions and regulatory regimes to prevent a repeat of such a financial meltdown.
The first three approaches are very much within the realm of domestic policy-making while the fourth requires multilateral efforts and international cooperation. The reform of institutions and regulatory regimes is also a huge undertaking involving the international financial institutions, particularly the World Bank and the International Monetary Fund. A tremendous amount of political will is needed to carry out the reform. President Nursultan Nazarbayev examined all these approaches in his address to the Kazakh nation on 6 March 2009 underscoring that the crisis has provided the opportunity to further develop and modernize the infrastructure of Kazakhstan.
Ong Keng Yong emphasizing the measures undertaken by the Government of Kazakhstan to cope with the global economic downturn and to equip the economy for the turnaround as well as the sufficiency of resources to implement the necessary measures for the post-crisis development of Kazakhstan, described the President?s Annual Address as ?an inspirational message with an upbeat note?.
Having studied the President N.Nazarbayev?s article entitled "The Key out of Crisis" Ong Keng Yong marked out the president?s ideas of new arrangements to stabilize the global financial system, in particular, his concept of "Akmetal" common currency, democratization of the decision-making in the international financial institutions and the long¬standing policy of Kazakhstan to promote regional integration at forums such as the Eurasian Economic Community and the Shanghai Cooperation Organization. Director of the Institute of Policy Studies pointed that the article clearly articulates President N.Nazarbayev's concerns and suggestions in reforming the global financial system. President?s bold and strategic response is impressive.
The Head of the Institute assumes that the present crisis, while devastating to many countries, offers a chance for the international community to re-position the world economic and financial order for the future. To move forward, the most critical thing is to regain the confidence of consumers and investors. This confidence will turn around the negative sentiments in the market place. It will boost consumer demand for goods and services, and generate more business and trade. This will create more conducive conditions and facilitate the revamping of the global financial system. President N.Nazarbayev's Annual Address to the Nation and his article "The Key out of Crisis" have underscored the urgency of this formidable task, pointed Ong Keng Yong.