Аңдатпа
The world is dominated by numerous events that interfere with the stability of the global financial system, including the coronavirus disease 2019 (COVID-19) pandemic and the volatility of world crude oil prices. The duration and extent of the damage caused by the pandemic, as well as the scale and shape of the future economic recovery, remains unclear, as the next macroeconomic shock to the global financial system is undoubtedly the worst. In these conditions, the role and development prospects of the Astana International Financial Centre (AIFC) are among the topical issues. The importance of this study is that the capital market of Kazakhstan and Central Asia is of great interest to international investors looking for new opportunities in emerging markets. Prior to the creation of the AIFC, the Kazakh capital market was narrow and insufficiently liquid, and its size did not match the size of the country’s economy. Most of the issuers of Kazakhstan raised capital on external stock exchanges. In the Annual Message to the people of Kazakhstan dated 1 September 2020 ‘Kazakhstan in a new reality: time for action’, the President of the Republic of Kazakhstan Kassym-Zhomart Tokayev paid great attention to the creation of a truly diversified, technological economy. In doing so, he proceeded from the competitive advantages and real capabilities of the country. One of the principles that ensure the new economic course of the state is productivity growth, increasing the complexity and technological effectiveness of the economy.1 Therefore, financial resources are needed to create a diversified and technological economy.2 In this regard, the role and development prospects of the AIFC are increasing to strengthen the capital market.