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Kazakhstan National Fund allocates $5.4 billion to support economy

16 february 2014, 12:42
Illustration a courtesy of Tengrinews
Illustration a courtesy of Tengrinews
After the devaluation of tenge by 19% earlier this week, the National Fund of Kazakhstan decided to allocate $5.4 billion to support local business, Tengrinews reports.

The National Fund that created in 2000 accumulates windfall oil profits that would serve as a cushion for the country's economy in the case of emergency. The Fund has accumulated about $68.9 billion so far.

“It is exactly the situation when the State uses its reserves to provide emergency relief to the economy. I instruct to allocate $5.4 billion to provide long-term money loans that will ensure the growth of the economy,” Nursultan Nazarybayev said at the enlarged meeting of the Cabinet in Astana.

The Head of the State explained that this step is taken to help small and middle-sized businesses. “We are not going to fill in their gaps with money, but help the development of the manufacturing industry. We will keep an eye on each tenge spent,” Nazarbayev said.

The manufacturing industry along with prioritized industrialization programs, which includes programs with foreign participation, will receive financial support.

The President added that a specialized committee should be created to control the expenditures. To ensure transparency, the newly established committee along with the National Bank will file quarterly reports.

By Renat Tashkinbayev

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