Ministry of Finance - National Fund's assets to exceed $31 bn. by the end of 2008

/INTERFAX-KAZAKHSTAN, Astana, July 31, 08/ - Kazakhstan Ministry of Finance forecast National Fund's assets to exceed $31.6 bn. by the end of 2008, is said in the message of the department, disseminated on Thursday. At that, the press release informs, "as of January 1 of the current year assets of National Fund made $22.7 bn., as of the current date they equal $26 bn.". National Fund of Kazakhstan was founded at the end of 2000 by analogy with Norway Oil Fund: it conducts saving and equalizing finance functions in republic. In this state institute mostly mandatory payments in government's budget from established range of oil sector organizations are accumulated. Beginning July 2006 new mechanism of National Fund organization is effective; in compliance with which a so called "balanced budget method" is used while forming its capital. That means all payments from oil sector, a planned part of which entered the republican budget, now totally enter the National Fund. According to the new model, in case of necessity National Fund's assets cover budget deficit and transfers for budget program financing are also directed. Thus, republican budget of Kazakhstan is formed by means of non-oil yields and annually established transfer from National Fund. [2008-08-01]