Kazakhstan will close secret foreign fund in April

/IRBIS, Apr 9, 02/ - REUTERS informs, with the reference to the head of National Bank of Kazakhstan, Grigorii Marchenko, that the government of Kazakhstan will transfer the remaining amount from the secret fund that was opened abroad in 1996 to the account in the National Bank in April. This money has not been received yet, it is expected in two weeks, he said. The information on the existence of the secret fund was made public last week by the prime-minister, Imangali Tasmagambetov, who said that $1bn received from selling 20% in Tengizchevroil to Mobil (now, ExxonMobil) in 1996 had been transferred abroad by the secret decree of the president. It was said that executive body found it hard to find agreement with the deputies about the idea of stabilization fund, and therefore this amount was reserved for bad cases without consultations. The funds were used only for the need of the state and saved the country from bankruptcy twice in 1997 when the pension debt was paid out amounting to $450m and in 1998 $400m budget deficit was covered, is said. Meanwhile, last year the parliament founded the National fund, know as the Fund of future generations, was created with the support of the president and the first deposit of $660m was made from the sales of 5% in Tengizchevroil and now the funds reached $1.3bn. Prime-minister said that the remaining amount from the secret fund will be transferred to the National fund, though he did not give exact figures of the amount to be transferred and if they have been transferred already. Head of the National Bank also could not give exact figures. IBRD CONSIDERS NEWS ON THE FUND A PROGRESS IN TRANSPARENCY It is said that international image of Kazakhstan, which received the acknowledgement of the USA that placed it among countries with market economy, that is the first case in CIS, was intact until the scandal over the arrest of the opposition politician, runaway of another opposition politician into the French embassy and the campaign again independent mass media started just before the world economic forum in Almaty, when one of the private channels had to cease its broadcast after a sharpshooter shot the transmission cable. However, the scandals have been disguised before the forum, but still questions were asked during the private discussions at the meeting of the businessmen and politicians. Experts and high officials discuss the political situation in the country, but do not give exact information regarding the secret fund. The head of the World Bank, James Wulfenson, who started a tour in Central Asia, positively assessed this step of the authorities to disclose the secret fund after six years, and stated that it was the step towards the openness and overcoming the corruption problem, is said. It is possible to discuss the problem of corruption with the openness, which was impossible before, he added. It was mentioned that after investing $3.5bn in ten years and with additional $1.5bn to be invested in next three years, growing understanding of quality state management, working legal and financial system and the willingness to fight the corruption among five president of Central Asia is the key for the development. It requires integrated program including education, health maintenance, and development of infrastructure, and the success will be based on cooperation with the civil society and private sector, he said. [2002-04-09]