. Last Updated: 07/27/2016

Nazarbayev Vows Ongoing Reforms

ALMATY -- Despite a groundswell of unrest over unpaid salaries and a hard winter ahead, Kazakh President Nursultan Nazarbayev said Tuesday he aimed to keep economic reforms on track.

In a "statement to the people" published in the official daily newspaper Kazakhstanskaya Pravda, Nazarbayev said privatization and reform of the industrial and financial sectors should be complete by the first half of 1998 at the latest.

He said the "harshest measures" would be used to close down bankrupt enterprises.

The Kazakh leader, president until 2000, said his government aimed to halve inflation annually by then.

Inflation of 2,200 percent for 1993 dropped to 60 percent in 1995.