Debts of Kazakhstan industrial enterprises to pension funds reached KZT24bn

/IRBIS, June 28, 01/ - According to PANORAMA, Kazakhstan weekly newspaper, the second international conference лAccumulating pensioning system of Kazakhstan: resumes, issues, prospects» completed its session on June 21. The Republic has shared its experience. Pension business specialists as from CIS - Russia, Ukraine, Kyrgyzstan as from Great Britain, Germany, Poland participated the conference. Russia was presented by the biggest delegation. It consisted of two directors of non-governmental pension fund and several employees of consulting companies. The two week conference have been held by Kazakhstan pension fund association and Committee of pension funds activity control of the republic of Kazakhstan. On Wednesday, 15 minutes prior to the beginning of conference, directors of association and committee organized press- conference with the participation of labor and social protection vice minister - Elena Bahmutova, who arrived from Astana. They talked about the importance of knowledge of Kazakhstan for countries, which are observing and preparing for reforms. As a result we can see that Kazakhstan in this case is not just a country-organizer and participant, but more: it is an owner of situation. лI am not sure that we will be able to point out any perspectives of development during the conference itself. It will be too difficult for us to loan foreign experience, because we know this issue better than other countries, - marked Mrs. Bahmutova. - Rather we will obtain the ways of further perfection of pensioning law». The project of amendments and changes have been worked out for effecting pensioning law of the Republic of Kazakhstan. As vice-minister explained, amendments concern the adjustment of pensioning system activity, adequate rate substitution (percent ratio of average salary and the size of pensioning payment). The draft law also considers further perspective of pensioning system solidarity keeping and establishment of social guarantee for those citizens, who will have deficient pensioning accumulation in the old ages. "That is why we should not try and hasten to adopt the document; we need preliminary consultations as among the society as at public conferences to estimate fairly all the consequences resulted by these amendments"-Mrs Bahmutova thinks. Nevertheless terms have been already determined: the government is intended to submit to the Parliament the law draft, in the autumn. The amendments touch upon one of the most important points - the scheme of pensioning payments. According to the statement of the pensioning law, a man who has deficient pensioning accumulation may rely upon budget aid. The point of view of LSPCM is pensioning payments schemes must provide citizens with minimal guarantee income, but at the same time to minimize the participation of State. This is a regular paradox on the eve of 2002 budget elaboration. But the next draft is an intrigue one. Answering questions of Panorama, Elena Bahmutova informed that according to the latest data, the loan of enterprises of Country before pensioning fund is more than 24 billion KZT. (MSR provided with more detail figures - 24.953 billion KZT on may 1 and KZT24,316 billion on June 1, according to MSR information, Mangistau and Karagandy regions are leading in debts - KZT2,811bn and KZT2,808bn respectively). According to words of Mrs Bahmutova, The Ministry of State Revenues prepared the list of vast defaulters of installments. "Unfortunately there are such companies whose financial status hardly can be called as complicated: Kazakhoil, Mangistaumunaigas, Kazakhmys and other vast companies". According to data of Vice-Minister, there has been established mobile working group, which would settle up debts issues, in the government. The law amendments will take place concerning the extension of rights of tax bodies, compulsory collecting of pension fee, establishment of accounting mechanisms and instructional basis. Aydar Alibayev - the chairman of Board of Pension fund association on his hand marked that there was no country with accumulation system, which could manage to gain 100 percent of pensioning fees accumulation Nevertheless he thinks that Kazakhstan has certain experience. Particularly, - investment abilities of APF. According to data of association, on June 1, consolidated pensioning assets will achieve лthe first $1bn». The report of Kazakhstan Mortgage Company CJSC board of directors chairman Mayko Sagindikova is interesting, concerning financial tools, which can be in pensioning funds portfolio. APF directors highly estimate the affinity of hypothetical bonds. The company is planning to issue (emit) into the circulation two types of coupon hypothetical bonds - with fixing and floating rate of revenue, circulating term - up to 7 - 10 years. The report of Mrs CAGINDIKOVA states "Short circulation terms bonds, taking into account inflation index will be emitted on the primer stage under conditions of relatively high inflation speed." The Company also supposes to emit Hypothetically discount bonds for 12 months term. This month It will start pilot draft regarding distribution of hypothetically housing credits, with sum KZT150bn in Astana and Almaty. According to estimation of Mrs Sagindikova, there is 2 - 3 thousand per year, the quantity of potential debtors on the market of hypothetical crediting, in the whole Republic.