My Children Won't be Handed Kazakh Presidency: Nazarbayev

Bloomberg Video

Nov.23 -- Kazakh President Nursultan Nazarbayev said he won’t hand power to his children to succeed him, as the former Soviet Union’s longest-serving ruler delays democratic reforms amid the country’s worst economic downturn in nearly two decades. “Until 2020, I’m going to work. And we’ll meet again in 2020,” said Nazarbayev. Economic hardship has frayed the social contract underpinning Nazarbayev’s rule after he warned last year that the plunge in oil prices threatened a “real crisis” in Kazakhstan deeper than the 2009 downturn, when the government bailed out the banks and spent $10 billion from its oil fund to prop up the economy. He praised Trump for saying “a very important thing -- that there’s no need to spread American values across the whole globe” to promote democracy. “The best democratization, say of Russia and all countries, is to have the West in friendly relations with all of us,” Nazarbayev said.