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]