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Kashistan? Half-a-million Kazakhs have debts paid by the authorities

Half-a-million Kazakhs would be to get their debts covered by the authorities as a”one-time task” to assist a number of their central Asian nation’s weakest, ministers declared.

Svetlana Zhakupova, Kazakhstan’s Deputy Minister of Labour and Social Protection, said the nation would use monetary funds to refund around 105 billion Kazakh tenges (KZT) — equal to roughly $245m — owed on loans or other arrears.

It follows a presidential decree signed in June by President Kasym-Jomart Tokayev, who stated it would”decrease the debt burden on taxpayers of the Republic of Kazakhstan.”

The step is targeted at orphans, prominent families, people who have disabilities or even socially vulnerable families who receive help due to the lack of a breadwinner.

The president cautioned that it was a”one-time task”.

Metals-rich Kazakhstan is among the most prosperous in central Asia and can be 57th from 144 states n the World Economic Forum’s Global Competitiveness Position — before Cyprus, Hungary, and Romania.

The average yearly earnings are 3.03 million KTZ, based on World Bank statistics — equal to approximately $7,062.