Samruk-Kazyna to Donate 3% of Income to Charity

The National Welfare Fund Samruk-Kazyna will transfer 50 billion tenge to the public fund Kazakhstan Halqyna for charitable activities. This is only three percent of the total income that Samruk-Kazyna JSC received in 2023, Orda.kz reports.

According to documents on the KASE, the fund received 1.7 trillion tenge in net income last year. Most of this amount will remain at the disposal of the joint-stock company: the money will be used to finance investment programs, pay off debts, and acquire new assets.

In 2022, Samruk-Kazyna paid a record dividend – KZT 238 billion. Contributions to the Kazakhstan Khalqyna Fund were also higher. The National Wealth Fund's cut in charity spending this year may be due to its failure to meet the net income forecast – it was expected to be about 100 billion tenge higher.

In October, Kazakhstani economists criticized the Samruk-Kazyna fund for taking on too many tasks.

Experts believe the joint-stock company is now encroaching on the functions of the National Fund and the Baiterek holding company, in addition to managing state companies and building schools.

This may lead to the fund not achieving noteworthy results in any area.

Original Author: Nikita Drobny