ALMATY, Feb. 3 (Xinhua) -- The government of Kazakhstan will complete the week-long emergency capital injection of 9.9 billion U.S. dollars into the domestic financial market on Friday in an effort to fend off the impact of the global financial crisis, Prime Minister Karim Masimov said on Monday.
To stabilize the domestic financial situation, the government has injected 3.9 billion dollars since last Friday into four major banks of the country, and has decided to channel one billion dollars to small- and medium-sized enterprises through the banking system, Masimov said.
By the end of this week, the government will have also injected four billion dollars into the Samruk-Kazyna fund, which owns major state companies and allocates government money for investments, and one billion dollars to another state-controlled agriculture company, as major countermeasures in face of the liquidity crunch, Masimov said.
The 9.9-billion-dollar package is a part of the country's 18-billion-dollar project constituted earlier this year in accordance with a national anti-crisis plan approved in November.
Kazakhstan's banks were among the first to be hit by the financial crisis because of their high reliance on foreign borrowing.
Banking shares plummeted in Kazakhstan's stock disaster last Friday, some of them by over 30 percent, causing turmoil and sparking fears in the market.
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