Kazakhstan May Create National Fund Management Council

In Kazakhstan, they may create a council to manage the National Fund; a draft decree has been posted for public discussion on "Open NPA," Orda.kz reports.

This would be a consultative and advisory body under the President that would provide recommendations on the management of the National Fund. The Ministry of National Economy would be appointed responsible for its operations.

The Council will develop proposals for the effective formation and use of the National Fund's resources.

In the event of consideration of issues regarding the use of the fund's resources in the form of bond loans, proposals are developed only on the basis of the results of an examination of projects of national significance, the document specifies.

Also among the tasks is the development of proposals for:

• Improving the efficiency of managing pension assets of the Unified Accumulative Pension Fund (ENPF)
• Investment choices of pension assets of the ENPF
• Determining the list of financial instruments permitted for acquisition using pension assets
• The Council will annually review the report on the activities of the ENPF

The council would also propose the amount of the guaranteed transfer from the National Fund to the republican budget and a list of critical facilities and projects that cannot be financed from other sources.

The council meetings must be held at least once a year. The working body of the council is the Administration of the President of the Republic of Kazakhstan.

The draft decree has been posted on the Open Regulatory Legal Acts platform for public discussion until March 19.

At the end of February, the commission for monitoring the expenditure of The National Fund's finances resumed its operations.

It included representatives of the Presidential Administration, the National Bank, the Ministry of Finance, the Prosecutor's Office, the National Security Committee, the Anti-Corruption Committee, and deputies.

Original Author: Anastasia Prilepskaya