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More National Oil Fund money to be injected to the national budget in crisis periods

27 february 2012, 15:09
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Karim Massimov. flickr.com/photos/karimmassimov
Karim Massimov. flickr.com/photos/karimmassimov
The annual transfer from the National Oil Fund to the national budget in crisis years may grow from $6.8 to $9.2 billion, Kazakhstan’s PM Karim Massimov said February 27 when speaking at the sitting of the Nur Otan fraction.

“The Government has suggested making the concept of the National Fund forming more flexible when it comes to the annual transfer to the national budget: amidst downturns in the global economy the figure will be boosted by 15%, whereas against the backdrop of the global economy upturn the figure will be slashed by 15%”, according to Mr. Massimov.

“We will be pursuing a policy to reduce the impact of negative external factors, with the budgeting policy being the major tool: we will be containing budget spending in periods of economy upturns [to prevent heating] and in periods of economic downturn the budget expenses will be boosted to support internal demand”, he said.

In his latest State of the Nation Address [January 27], President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks.

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. As of February 1, 2012, assets of the National Oil Fund made up $45.5 billion.

Loans from the National Oil Fund [to finance large-scaled investment projects] could be provided on the basis of public-private partnership, with the most of the financial burden placed on strategic investors, National Bank’s Governor Gregory Marchenko said earlier this month.

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