Kazakhstan to inject $15B into economy

ASTANA, Kazakhstan, Oct. 20 (UPI) -- The Kazakh government said Monday it will inject billions from its oil coffers to keep the country afloat during the global economic crisis.

Kazakhstan has emerged as a bright spot amid the world economic collapse. Steven Mann, the U.S. State Department's envoy to the region, said last week the country was paving the way in the new global energy market.

"Kazakhstan is the world leader in energy resources," he said.

Kazakh Prime Minister Karim Masimov said his government plans to dump a large portion of the oil-rich country's gross domestic product into the economy to stave off a recession, RIA Novosti reported.

"An additional $15 billion will be injected into the economy by the end of the year, or about 15 percent of the country's GDP," the premier said.

The freezing of world credit markets and the subsequent downturn in the economy has some oil-producing countries postponing or delaying planned expansions.