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National Fund's money reinvested in economy: Samruk-Kazyna

10 february 2013, 15:10
The funds allocated from the National Fund for anti-crisis measures are being returned and reinvested in Kazakhstan economy, Tengrinews.kz reports citing chairman of Samruk-Kazyna National Welfare Fund Umirzak Shukeyev.

"The fund is monitoring the money of the National Fund injected during the anti-crisis program. In 2008-2009 the National Fund allocated the total of 1.09 trillion tenge ($7.25 billion) for anti-crisis measures, including 487.5 billion tenge ($3.25 billion) for stabilization of the financial sector, 120 billion tenge ($800 million) for implementation of innovative-industrial infrastructure projects, 480 billion tenge ($3.2 billion) for support of small and medium business and 170 billion tenge ($1.1 billion) for refinancing of mortgage loans and support to equity share construction. All the allocated money were spent on the condition of their return. 331 billion tenge ($2.2 billion) have already been returned as of today. All the returned money is being reinvested into economy," Shukeyev said.

He noted that based on the decision of the state commission on economy modernization, the returned money are spent only for implementation of priority projects of the State Program for Accelerated Industrial-Innovative Development.

On January 23 Nursultan Nazarbayev said at the meeting on results of the year 2012 and implementation of Kazakhstan-2050 strategy: "It’s easy to ask for money out of the National Oil Fund. The $ 10 billion allocated to tackle the financial crisis is gone. There is no pay-off. Everybody was saying at that time that the allocated amount would be recouped (…) The Fund’s money is for a rainy day, for a tough period when it is important to secure social well-being and to prevent the economy from collapsing (…) This money can only be used for development purposes."

By Renat Tashkinbayev

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