President of Kazakhstan Nursultan Nazarbayev said that the country needs to get ready for oil prices falling to $30-40 per barrel.

The Kazakh leader added that low prices for oil and metals can be preserved for five years.

According to him, in the coming years developing countries' access to investments and capital will be limited. The president admitted that the market for Kazakhstani products shrinks due to weak demand from Russia and China, RBK reported.

Due to the economic situation, Nazarbayev spoke about the need to establish a moratorium on "the various initiatives until 2018". By that time, Nazarbayev instructed to reduce the national budget deficit to 1%.