Kazakhstan’s President, Tokayev, has told the central bank to work closely with the government in order to control inflation, potentially undermining the independence of the central bank. The President also gave preliminary backing to the government’s tax reform proposal, which would include moving VAT from 12% to 20%. These measures are expected to raise up to USD 13.6 bln in additional tax revenue. Finally, it was reported that the Kazakh economy grew 4.8% last year, compared to 5.1% in 2023.