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Kazakhstan: Nazarbayev Says No More Golden Times, Raids Pensions

The time for showers of gold is over, President Nursultan Nazarbayev warned his countrymen on February 16 in his latest attempt to inculcate a popular spirit of parsimony.

Instead, the people of Kazakhstan should exploit the opportunity of a crisis caused in part by low oil prices to transform the country into a more innovative and dynamic economic performer.

“We should not expect to be showered with gold,” he said in remarks quoted by the Nur news agency.

Those remarks appear much in the same mold as recent exhortations by Nazarbayev for the people of Kazakhstan not to indulge in luxuries such as lemons.

“Every crisis is a stage ahead of new development,” which, he said, means weaning the economy off its current dependence on oil and gas.

One way the government intends to that is by raiding the state pension pot, which Nazarbayev ordered last week as part of measures to stimulate growth.

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Kazakhstan: Nazarbayev Says No More Golden Times, Raids Pensions

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