Kazakhstan offers to sell stakes in the largest state companies, including KazMunaiGas (KMG), the former owner of Rompetrol Group, after a restructuring process which will last up to four years, writes Mediafax.

The decision coincided with a warning given by President Nursultan Nazarbaiev given that the world is facing economic turmoil, which for many emerging countries could have a greater impact than the global financial crisis of 2008-2009, reports the Financial Times.

“We must act now, before the cold to turn into a terrible winter,” said Nazarbaiev. The Kazakh state was severely affected by the impact of falling oil prices and economic problems in Russia and China.

Earlier this week, the government replaced the central bank governor, Kairat Kelimbetov, after tenge currency has lost a third of its value since August, when Kelimbetov announced the decision to liberalize the course.

Last month the IMF reduced the estimates of the country’s economic growth to 1.5%, against 4.3% in 2014 and an average 8.4% in 2000-2001.

The General Manager of the sovereign investment fund of Kazakhstan, Umirzak Şukeiev, announced on Tuesday a privatization program that will include some of the most valuable state assets. Among them is oil and gas company KazMunaiGas, nuclear holding company Kazatomprom and energy company Samruk-Energy.

Other officials said the preliminary list includes 60 companies. After a phase of restructuring companies that could take up to four years, the largest state companies could list at least 25% equity in Astana Stock Exchange and on foreign stock exchanges like London and Hong Kong.

Şukeiev said that until these companies will be listed, Astana could become the host of an international financial center where the operation will take place under UK legislation, jurudic independent system of Kazakhstan.

The government could have trouble attracting foreign investors for large groups such as KMG and KTZ, which have large social obligations, as high levels of debt and investment needs.