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Kazakhstan National Fund to publish expenses

17 june 2013, 14:27
Kazakhstan Finance Minister Bolat Zhamishev. ©
Kazakhstan Finance Minister Bolat Zhamishev. ©
Reports on expenditures of the National Fund of Kazakhstan are going to be published on websites of managing holdings, reports citing Kazakhstan Finance Minister Bolat Zhamishev.

“There are issues with transparency of use of the National Fund’s money aimed for anti-crisis activities. We have repeatedly presented the information (expenditures reports) during discussions. But since the questions keep coming both in this room and outside of it, we plan to star publishing results of the monitoring of money return and the secondary use of the anti-crisis funds at the website of all the managing holdings that operate the funds to ensure transparency of the use of this money and provide access to the information to the country’s population,” Zhamishev said at the joint meeting of the Parliament's chambers.

Return of the money from the Fund injected into the economy to overcome the crisis has been heatedly discussed since the beginning of the year. Kazakhstan President Nazarbayev even said that the $10 billion allocated from the National Fund went missing.

Kazakhstan President Nursultan Nazarbayev later banned any further use of the National Fund’s money to help second-tier banks out.

“Allocations of the National Fund’s money to fund second-tier banks is another issue that has been on the agenda. I forbid it categorically. It is the final decision,” Nazarbayev said.

“Second-tier banks have many options and tools to attract money. They also have other reserves. They have to use them instead of hoping that somebody will give them free money. They have to work and compete,” the President stressed.

The assets of Kazakhstan National Fund exceeded 10 trillion tenge ($67 billion) net of investment profits as of the end of 2012.

The National Fund is accumulating and saving windfall oil profits and is intended to stabilize Kazakhstan's economy in case of crises or unforeseen circumstances.

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