/IRBIS, Jan 31, 01/ - REUTERS informs that the president of Kazakhstan approved the rules for forming and use of the country's National fund, which is established in case of possible crises, as well as to accumulated funds for next generations.

The rules are published in Kazakhstanskaya pravda newspaper today, is said.

It is said that the fund will have two functions, savings and stabilizing.

Kazakhstani economy is dependent on the world market prices on oil, metals and other raw materials and the creation of the fund, usually called oil or strategic, is meant to reduce the country's dependency on the world markets, and to accumulate excessive money in order to prevent the economy from overheating.

The funds for stabilizing part of the fund are said to be received from extrabudgetary receipts and taxes from the enterprises working in raw material sector, bonuses, royalties, as well as the shares of Kazakhstan in product partitioning contracts.

Savings part of the funds is to be formed from official transfers, investment income of the fund itself and other receipts.

The assets of the fund, based on the decree, will be placed in the government's account in the National Bank of Kazakhstan, which will manage them under a trust management contract, is said.

The National Bank can also give part of the assets to external management, was added.

The rules read that the funds will be used to compensate for the losses of the budget when tax collections from the companies working in raw material sector, as well as to finance the projects determined by the president.

The fund will be controlled by the council, which will be elected by the president, and it will consist of the country's president, prime-minister, the heads of both houses of the parliament, the head of the president's administration, the chairman of the National Bank, minister of finance, deputy prime-minister, the chairman of the account committee on the performance of the national budget control, is said.