The Council meeting on managing funds of Samruk-Kazyna National Welfare Fund chaired by the First President of Kazakhstan

Events

The meeting has reviewed the current activities of Samruk-Kazyna National Welfare Fund, the measures taken to support small and medium-sized businesses, as well as the progress in fulfilling the instructions given at the last meeting of the Council.

Opening the meeting, Nursultan Nazarbayev emphasized that Samruk-Kazyna Fund plays an important role in the country’s growth.

- We have faced difficulties this year. COVID-19 pandemic has led to the global economic crisis. The growth of trade and the global economy stopped. All these factors negatively affect our economy. In this regard, one needs to quickly adapt to the current difficult situation and identify the main economic drivers that will allow us to overcome the crisis, Elbasy said.

The First President of Kazakhstan pointed out the timeliness and relevance of measures taken by the government to restore economic growth.

- The Fund has identified a key role in the economy’s restoration and further development. All Kazakhstan’s major companies are the Fund’s part. Together, the assets of the Fund's companies amount to KZT 28 trillion; this is 40% of our GDP. 300 thousand people work here. Despite the difficulties, all companies keep on working. The previous year’s positive dynamics of the Fund’s indicators made it possible to form a certain reserve for the current year, said Nursultan Nazarbayev.

The meeting heard the reports of Prime Minister Askar Mamin, Chairpersons of Samruk-Kazyna Board Akhmetzhan Yessimov, KazMunayGas Board Alik Aidarbayev and Kazakhstan Temir Zholy Board Sauat Mynbaev.

Elbasy stressed the importance of taking specific measures to further improve the effectiveness of the Fund's companies.

In addition, the First President of Kazakhstan dwelled on the issues of privatization of the Fund's companies and measures taken to increase local content in procurement and support domestic producers.

At the end of the meeting, Nursultan Nazarbayev noted the results of the anti-crisis decisions undertaken by Samruk-Kazyna leadership, emphasizing the need to apply this experience in other structures.

- I positively assess and support timely decisions by the Fund’s management. They have shown their effectiveness. During the crisis, the state allocated substantial funds from the National Fund to support the economy. However, under these conditions, Samruk-Kazyna, on the contrary, sent KZT100 billion to the National Fund, said the First President of Kazakhstan.