National Fund Council: Toqayev Receives Tie-Breaking Vote Power

Kazakh President Qasym-Jomart Toqayev has signed Decree No. 932, dated July 4, 2025, officially reforming and taking over leadership of the National Fund Management Council, reports Orda.kz.

Under the new rules, the Council now operates directly under the President and has expanded powers in shaping financial policy and overseeing pension assets. Although the decree came into effect on the day it was signed, its provisions apply retroactively to relations beginning January 1, 2025.

The Council is now a consultative and advisory body under the head of state. It is tasked with drafting recommendations on the use of National Fund resources and managing the assets of the Unified Accumulative Pension Fund (UAPF).

Its key functions include proposing the volume and allocation of both guaranteed and targeted transfers to the national budget, financing large-scale national projects, and determining permissible financial instruments for investing state assets.

In addition, the Council is now responsible for preparing proposals to improve the effectiveness of pension fund management, choosing investment directions, and approving the list of eligible instruments for acquisition. It also reviews the annual report on the UAPF’s activities,  the decree states.

President Toqayev now serves as Chair of the Council. He sets the agenda, timing, and format of meetings, and holds the tie-breaking vote.

The composition of the Council remains otherwise unchanged and includes the Prime Minister, the heads of both houses of parliament (by agreement), the head of the Presidential Administration, the National Bank Head, the first Deputy Prime Minister, the finance Minister, the economy minister, and the Chair of the Supreme Audit Chamber. The Presidential Administration serves as the Council’s working body.

Council meetings must be held at least once a year, in either in-person or remote format. However, discussions on targeted transfers may only occur with the personal participation of members. Delegation of authority is not permitted.

Previously, Orda.kz reported that former President Nursultan Nazarbayev lost his last official post as part of a broader legislative reform linked to National Fund payments for children.

Article 6-1 of the Law “On the National Welfare Fund” no longer names the First President as head of the Council, transferring that authority to the sitting president.

Original Author: Ruslan Loginov