Minister says Kazakh National Fund’s assets to increase to $72.5 bln in 2015

Sept. 20. Trend. Astana

By A.Maratov

Minister says Kazakh National Fund's assets to increase to $72.5 bln in 2015Assets of the National Fund of Kazakhstan will increase to $ 72.5 billion in 2015, constituting almost 30.4 percent of GDP, Kazakh Minister for economic development and trade Kayrat Kelimbetov said on a Tuesday meeting of the ruling Nur-Otan party.

“Given the potential deterioration in the global economy in the medium term, the policy of accumulating financial resources in the National Fund will be continued through limiting the guaranteed transfer of $8 billion, in accordance with the Concept of the formation and use of the National Fund’s resources,” Kelimbetov said. “Consequently, the guaranteed transfer from the National Fund is expected to reach 1.2 billion tenge in 2012-2014 .”

According to the minister , restricting the guaranteed transfer from the National Fund will contribute to a net accumulation of oil and reduce the share of borrowed funds from the National Fund in the total state budget revenues from 21.8 percent in 2012 to 18.7 percent in 2014.

Kelimbetov said in the light of increase in non-oil government revenues Kazkahstan will see cut in non-oil deficit to 4.7 percent of GDP in 2014, which is expected not to exceed roughly 3 percent of GDP by 2020.