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Halyk Bank Chairwoman calls for public debate over suggested pension reform

22 may 2012, 17:27
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kennedyfinancialservices.com
kennedyfinancialservices.com
Any potential reforms of the pension accumulation system should be discussed by the general public, Halyk Bank’s Chairperson of the Board Ms. Umut Shayakhmetova said at a press conference May 22, KazTAG Agency reports.

“Should the key pension accumulation scheme be changed, there should be public debates. Opinions of all the market players should be taken into account, as well as those of all depositors (…) The reform is of concern to every Kazakhstan’s citizen; I believe any such reform should be absolutely transparent”, she said.

“We’ve seen the World Bank’s presentation last year [on launching a single pension fund in Kazakhstan] (…) It is gratifying to see that the Central Bank Governor said that the National Bank does not support the suggested scheme to merge all the current pension funds into a single fund with its assets to be invested abroad”.

Ms. Shayakhmetova expressed her hope that due debates will be held before any actual reforms.

Tengrinews.kz reported earlier that according to the Central Bank Governor, the major reason why such suggestions have been surfacing is that the pension savings figure currently stands at $18 billion, and “it is a lucrative lump of interest to many, and many entities would want to decide on investing the funds”.

Mr. Marchenko emphasized that Kazakhstan needs to think of public private partnerships to launch investment projects inside the country. He believes about $6 billion of pension assets could be invested into domestic projects involving dependable borrowers.

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