Assets of the National Oil Fund to exceed $122 billion by 2016
28 august 2013, 13:25
Photo courtesy of newskaz.ru
Assets of the National Oil Fund will exceed $122 billion by 2016, Newskaz.ru reports, citing the country’s Minister of Economic Affairs and Budget Planning Erbolat Dossayev as saying on the sidelines of a government sitting August 28.
“With the oil revenues at the planned level, the assets of the National Oil Fund will rise from $93.9 billion in 2014 to $122.1 billion in 2016”, the Minister said when presenting the 2014-2016 draft country’s budget.
As of August 1, the assets of the National Oil Fund stand at $64.343 billion (11.39% up against the start of the year).
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.
A transfer of $980.3 million will be made in 2014 out of the National Oil Fund to finance prep works for EXPO-2017 to be held in Astana and some large-scaled infrastructure projects, the Minister said.