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Second wave of global crisis may have Kazakhstan spend $20 billion out of National Oil Fund: Gregory Marchenko

18 october 2011, 08:45
0
Gregory Marchenko. ©Vladimir Dmitriyev
Gregory Marchenko. ©Vladimir Dmitriyev
National Bank Governor Gregory Marchenko stated that a second wave of the global financial crisis may force Kazakhstan’s Government to spend $20 billion out of the National Oil Fund, RBC reports.

“Should there be a second wave of the global crisis and should it be worse than the previous one, we will spend $20 billion”, Mr. Marchenko said, reminding that the National Oil Fund’s assets make up $41 billion, 25% of the national GDP. A total of $10 billion out of the Fund was spent to combat the crisis of 2008-2010.

Mr. Marchenko specified that $20 billion could be helpful of the second wave lasted up to 1.5 years. Should “it be complicated and long-lasting, it would take more money”.

In a separate statement he said that “from the perspective of long-term interests of any nation, it makes sense to promote the nation’s currency at least as a regional currency”.

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.

Assets of the National Oil Fund are expected to grow to $72.5 billion by 2015, 30% of the nation’s GDP, Bnews.kz had quoted Minister of Economic Development Kairat Kelimbetov as saying at the government sitting August 27.

Assets of the National Oil Fund as of the end of September stood at $40.018 billion. At the start of the year the figure made up $30.6 billion.

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