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$10 billion out of the National Oil Fund has gone to nowhere: President Nazarbayev

24 january 2013, 01:05
0
Kazakhstan President Nursultan Nazarbayev. © Daniyal Okassov
Kazakhstan President Nursultan Nazarbayev. © Daniyal Okassov
Kazakhstan earmarked $ 10 billion out of the National Oil Fund [accumulating windfall oil revenues] to combat the financial crisis. However, the money has gone nowhere, a Tengrinews.kz journalist reports, citing President Nazarbayev as saying at a sitting in his Akorda Residence held to tally 2012 results.

“It’s easy to ask for money out of the National Oil Fund. The $ 10 billion allocated to combat the financial crisis is gone. There is no pay-off”, President said.

According to President, “country’s banks are begging for the National Oil Fund’s money rather than working properly to earn money”.

“Everybody was saying at that time that the allocated amount would be recouped (…) The Fund’s money is for a rainy day, for a tough period when it is important to secure social wellbeing and to prevent the economy from collapsing (…) This money can only be used for development purposes”, Nazarbayev elaborated.

At the same time President suggested employing assets kept with pension accumulation funds. “The huge amount lies idle. The pension and insurance sectors combined hold $5.3 billion. Why isn’t the money put to use?”, President expressed his indignation.

As of May 1, 2012, the National Fund’s assets made up $51.4.

The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan.

In his State of the Nation Address [January 27, 2012], President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks.

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