1. Main
  2. Learn
  3. Economy
  4. Finance

Kazakhstan to start investing its National Oil Fund assets into its own economy starting from 2014

© eff-com.ru © eff-com.ru
Next year Kazakhstan will start investing oil savings into its own economy, according to the country’s Economic Affairs Minister Erbolat Dossayev. “In 2014-2016 Kazakhstan plans to inject its oil savings into the national economy, notably infrastructure projects to boost transit shipment and facilitate Kazakhstan’s exports to global markets”, Kursiv.kz quoted the Minister as saying. To this end, the annual transfer [to complement the country’s budget] from the National Oil Fund will make up about $9 billion, with an extra transfer of $980 million to be earmarked in 2014 [according to an earlier statement made by the Minister, this special transfer will go to finance prep works for EXPO-2017 to be held in Astana and some large-scaled infrastructure projects]. Assets of the National Oil Fund will exceed $122 billion by 2016, Newskaz.ru reported, citing the country’s Minister of Economic Affairs and Budget Planning Erbolat Dossayev as saying on the sidelines of a government sitting August 28. “With the oil revenues at the planned level, the assets of the National Oil Fund will rise from $93.9 billion in 2014 to $122.1 billion in 2016”, the Minister said when presenting the 2014-2016 draft country’s budget. As of August 1, the assets of the National Oil Fund stood at $64.343 billion (11.39% up against the start of the year). 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.

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan
OPEC agrees shock oil output cut
Israeli ex-president and Nobel laureate Peres dies
Germany blocks WhatsApp data transfers to Facebook
32,000 arrested in Turkey coup probe
Youth to the fore as Milan fashion week opens
Xenophobia threatening peace in eastern Germany
Four-in-10 Japanese are virgins: poll
Sweden re-militarises Baltic island of Gotland
China to launch second space laboratory: Xinhua
More than a billion stars mapped in Milky Way: ESA
Boxing: Golovkin eyes Saunders after stopping Brook
Kazakhstan shifts PM to security chief
Oil prices gain despite rising OPEC supply forecast
US to give Philippines military planes
Singapore wages war on Zika-bearing mosquitoes
Italy quake death toll nears 250
Viral photos add fuel to French burkini debate
18 dead as Italy struck by powerful quake
Japan's first lady visits Pearl Harbor
Pokemon's a no-go on Bangkok's roads
July was Earth's hottest month in modern times
Pakistan rock climbers scale new heights