Kazakhstan can count on the funds of domestic investors

/IRBIS, May 18, 00/ - REUTERS informs, with the reference to the chairman of the National Bank, Grigorii Marchenko, that the government can count on the funds of domestic investors, and to do so the privatization should be continued and part of state blocks in elite enterprises of the country should be sold at the stock market. The banks, and pension assets management companies (PAMC) have the money, and insurance companies have some, and the population have quite much - $140 mln has been deposited in the banks since October 1, he said. He also added that there are people who are willing to invest them into the shares of Kazakhstani companies. As a co-author of "blue chips" privatization program, that was postponed several times by the government, Marchenko insists on the sale of state blocks in elite companies at Kazakhstan stock exchange, which is believed to boost the market itself, says the agency. He adds that if there are no good securities, transparent and understandable big issuers, then the market will develop slowly, which is observed now. To push the markets of corporate securities, the government should place the securities of three to four good companies through the stock market, he said. Finance minister, Majit Esenbaev said earlier in this week that of ten objects to be privatized through "blue chips" program it was likely than only two would be sold - part of state block in Halyk Bank has been already sold, and the portion of state block of Kazakhtelecom is to be sold soon. It is said that further privatization of Sokolovsko-Sarbaiskii metallurgical combine, corporation Kazakhmys, Aliuminii Kazakhstana, as well as of Kazchrome was postponed, and the sales of state blocks in Kazzinc and oil producing Aktobemunaigas and Mangistaumunaigas will take place not earlier than year 2001. The government is said to continue counting mainly on foreign investors, on state blocks of metallurgical and oil companies. Now it is apparent that the government will sell 5% of its stake in JV Tengizchevroil for $450 mln to Chevron. The chairman believes that these funds could be raised within the country, and he also says that it is still hard to attract foreign portfolio investors after the Asian crisis of 1998.