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$2.7 billion out of Kazakhstan National Oil Fund to stimulate economy in 2014

14 april 2014, 16:04

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev as saying today.

“One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015. $2.7 of the amount will be allocated this year, with $552 million being spent to support small and middle-sized businesses, another $1.3 billion being spent to bolster the country’s banking sector, and $ 828 million to support the Industrial Development Program.

He also elaborated that over $ 535 million will be earmarked in 2014 to finance the Employment Roadmap Program to support the current employment rate.

When commenting on allocating money out of the National Oil Fund earlier this year, President Nazarbayev said that “it’s time to rely on the reserves to render urgent aid to the economy. I have decided to support the economy with long money”.

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.

According to the National Bank, the assets of the National Oil Fund reached $72.787 billion as of the end of March 2014.

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