The conference "Unexpected incomes from Caspian oil: who will get profit?" was held in Washington, during which the head of the National Bank of Kazakhstan spoke in public

15.05.03 00:00
/Kazakhstan today, May 15, 03/ - The conference "Unexpected incomes from Caspian oil: who will get profit?" was held in Washington, during which the head of the National Bank of Kazakhstan spoke in public, MFA of Kazakhstan informed. According to MFA's information, G. Marchenko, speaking during the forum, which was organized by Fund Soros jointly with Strategic and international researches center, pointed to Kazakhstan experience on foundation of the National fund on the basis of Norwegian model as an example of effective management of revenues from natural resources. Accumulating surplus of tax inflows from private oil extracting and mining and smelting enterprises of the republic, National fund carries out two major functions - stabilizing, to the stake of which more than 20% of reserves fall, and saving one - about 75%. By the beginning of May the fund's assets were equal to $2.23 bn. Investing of its funds at international markets is made in accordance with high criteria of reliability of invested securities under control of global custodier "ABN AMRO Mellon". The fund's activity is checked every year by authoritative international auditor, in 2002 the company "Ernst and Yong" was chosen as such the auditor. Transparency and accountability of the fund's functioning are determined by laws about budget system and budget of RK. National fund is managed by the Board, which comprises the country's president, chairmen of the parliament's chambers, chairman of returning committee, and also prime-minister and a number of ministers. As the whole, according to Marchenko's words, the message notes, major question for the outlook is determination of strategy for using revenues from the oil sector for stimulation of economy's diversification and provision for stable social and economic development. At present variants of these funds investing through the budget into existing and future institutions of development in the republic such as Development Bank of Kazakhstan, Agency of export credits guaranteeing, Kazakhstan investment fund, are examined. Within the framework of the conference there was held meeting of G. Marchenko and Kazakhstan ambassador in the USA Kanat Saudabayev with George Soros, during which there were discussed questions of Kazakhstan social and economic development and further activity of Fund Soros in the republic. [2003-05-15]