«We need to look into the past in order to understand the present and foresee the future»
N.A.Nazarbayev
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16 July

16 July 1996

In 1996, the Republic of Kazakhstan acceded to the provision of 8th Article of the IMF Agreement

In 1996, Kazakhstan acceded to the 8th Article of the IMF Agreement, which contains obligations for the Member States not to enter without the consent of the fund restrictions on payments and transfers for international transactions. Kazakhstan also supposed to refrain from participation in discriminatory currency relations.

In the same year, the IMF approved a three-year loan to the Republic of Kazakhstan for 1996–1998 under the Extended Fund Facility program aimed at creating conditions for real GDP growth holding exchange rates.