Suleimenov Discussed Kazatomprom and KMG

The head of the National Bank of Kazakhstan, Timur Suleimenov, spoke about the dividends that the shares of quasi-state companies JSC NAC Kazatomprom and KazMunayGas bring to the government,  Orda.kz reports. 

Deputy Berik Beisengaliyev asked about the profitability and expediency of such budget injections into such companies.

He recalls that a trillion tenge from the National Fund was used to purchase Kazatomprom shares while oil production income decreased. 

The National Bank Chair Timur Suleimenov recalled that in 2022, Kazakhstan carried out reforms to manage national bonds. Now, bonds can be purchased using the National Fund.

As for shares, that is, in addition to the purchase of bonds in 2023, shares of KazMunayGas were purchased at the expense of the National Fund for the amount of 1.3 trillion tenge. Yes, this was indeed due to fiscal problems. But in fact, I would like to emphasize that these are investments. That is, we invested 1.3 trillion, and now this package is worth about 1.7 trillion. That is, 400 billion is additional income for the national fund, this is not bad,Suleimenov said at a Majilis plenary session.  

In July 2023, the state acquired Kazatomprom shares for 467 billion tenge on similar grounds. Now, according to Suleimenov, this investment is estimated at 600 billion tenge.

Still, Suleimenov admitted there is no need to spend the National Fund’s finances this way. 

Original Author: Ilya Astakhov