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Recently, the Central Bank of Kazakhstan revealed that its national oil fund has fallen by 17% from its peak of $77 billion in August 2014 against the backdrop of the collapse of international oil prices, and may be depleted
in 6-7 years.
Berik Otemurat, president of Kazakhstan's National Investment Group, a subsidiary of Kazakhstan's central bank, said that Kazakhstan's politicians and central bank need to cut spending, raise taxes and invest in projects with higher returns, such as private equity
.
"We are draining the national fund
.
" "We are fortunate to accumulate this money and the government needs to focus on the investment management of the national fund at the moment
," Otemurat said.
"The Kazakh National Investment Group was established to manage the fund, but in fact it did not formally take over, but increased the central bank's foreign reserves by $800 million
.
In 2000, Kazakhstan modeled on Norway and established the National Oil Fund and gave it the function of "reserve and stable finance", which is mainly used for balancing and transferring payments from the national budget, repaying foreign debt, project investment, etc.
, and has played a huge role
in coping with the international financial crisis and stabilizing Kazakhstan's economy.
The International Monetary Fund (IMF) has been advising countries in Asia, Africa, Latin America and the Middle East to develop similar management plans
.
"They need to move
quickly.
" IMF official Michael Papaioannou said, "If the current situation continues, the Kazakhstan oil fund will soon disappear
.
" ”
Recently, the Central Bank of Kazakhstan revealed that its national oil fund has fallen by 17% from its peak of $77 billion in August 2014 against the backdrop of the collapse of international oil prices, and may be depleted
in 6-7 years.
Berik Otemurat, president of Kazakhstan's National Investment Group, a subsidiary of Kazakhstan's central bank, said that Kazakhstan's politicians and central bank need to cut spending, raise taxes and invest in projects with higher returns, such as private equity
.
"We are draining the national fund
.
" "We are fortunate to accumulate this money and the government needs to focus on the investment management of the national fund at the moment
," Otemurat said.
"The Kazakh National Investment Group was established to manage the fund, but in fact it did not formally take over, but increased the central bank's foreign reserves by $800 million
.
In 2000, Kazakhstan modeled on Norway and established the National Oil Fund and gave it the function of "reserve and stable finance", which is mainly used for balancing and transferring payments from the national budget, repaying foreign debt, project investment, etc.
, and has played a huge role
in coping with the international financial crisis and stabilizing Kazakhstan's economy.
The International Monetary Fund (IMF) has been advising countries in Asia, Africa, Latin America and the Middle East to develop similar management plans
.
"They need to move
quickly.
" IMF official Michael Papaioannou said, "If the current situation continues, the Kazakhstan oil fund will soon disappear
.
" ”
