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National Fund assets made USD 43.3 bln in December 2011

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19.01.2012
text: Kazinform , exclusively for Gazeta.kz
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The funds are actively concentrated in the National Fund of Kazakhstan, which is very relevant now amid the unfavorable situation in the global economy, according to Kazakh Prime Minister's website http://pm.kz

The National Fund of Kazakhstan, which was established on the instructions of the President of Kazakhstan in 2000, is called on to ensure effective distribution and use of revenues from natural resources. The National Fund ensures accumulation of the funds for next generations as well as reduces the dependence of the national economy on the impact of external unfavorable factors.

For instance, the funds of the National Fund were involved for maintaining stability of the economy of Kazakhstan during the world financial crisis in 2008-2009. Thus, within the additional stabilization measures the economy of Kazakhstan received the support at the expense of the National Fund in the amount of KZT 1.2 trln.

During that difficult for the country period the funds of the National Fund were allocated for stabilization of the financial sector - KZT 480 bln, development of the housing sector - KZT 320 bln, support of small and medium business - 120 KZT bln, development of agro-industrial complex - KZT 120 bln, implementation of breakthrough, innovative, industrial and infrastructural projects - KZT 120bln.

Despite the fact that during the hardest period of the financial crisis the funds of the National Fund were involved for preserving economic stability the assets of the Fund did not reduce but increased and made USD 43 bln in December 2011.

'Even during the crisis we multiplied the assets of the National Fund. It was our policy. The assets of the Funds increased from USD 14.7 bln in January 2007 to 40.3 in August 2011,' Prime Minister of the country Karim Massimov said addressing the session of People's Democratic Party 'Nur Otan'.

A new Concept of the National Fund was adopted in 2010. It will allow to maintain active accumulation of funds for next generations.

The funds are actively concentrated in the National Fund of Kazakhstan which is very relevant now taking into account the unfavorable situation in the global economy.

'With consideration for potential worsening of the situation in the world economy, the policy of accumulation of financial resources in the National Fund by means of restricting guaranteed transfer in the amount of USD 8 bln in accordance with the Concept on forming and using the assets of the Funds will be proposed in future,' Minister of Economic Development and Trade Kairat Kelimbetov said at the session of the Government.

In accordance with the forecasts of the Ministry of Economic Development and Trade of Kazakhstan, the assets of the National Funds will increase to USD 72 bln.


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