Kazakhstan is set to embark upon its most ambitious privatisation plan since independence from the Soviet Union in 1991, offering stakes in its largest state-owned enterprises to international investors in preparation for stock market flotations, officials told the Financial Times yesterday.
The move coincides with a warning from Nursultan Nazarbayev, president, that the world faces “economic turbulence” which for many emerging market countries could dwarf the impact of the global financial crisis of 2008-09.
“We must act now before this chill turns into a long fierce winter,” said Mr Nazarbayev.
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