Kazakhstan’s Minister of Finance Bakhyt Sultanov answered questions of foreign guests at the VII Astana Economic Forum concerning the measures Kazakhstan had been undertaking amidst unstable oil prices.
As of April 1, 2015 Kazakhstan’s international reserves stood at $98.8 billion, including $29.1 billion in gross gold and FX reserves of the Central Bank and $69.7 billion in assets of the National Oil Fund.
Amidst the global economic conditions, without some extra injections into the national economy it will be hard to reach the set goals (…) the time has come to tap into the Fund’s assets, the President said.
One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015, Minister of Economic Affairs Yerbolat Dossayev said April 14.
February 14 Kazakhstan’s President Nursultan Nazarbayev instructed his Cabinet to allocate $5.4 billion out of the National Oil Fund [accumulating oil windfall revenues] in 2014-2015 as “long money” for the country’s economy.
The country’s international reserves, including assets of the National Oil Fund [accumulating windfall oil revenues], increased by 7.4% since the start of the year, reaching $92.4 billion: Central Bank Governor.