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The document ceased to be valid since  December 8, 2016 according to Item 2 of the Presidential decree of the Republic of Kazakhstan of December 8, 2016 No. 385

PRESIDENTIAL DECREE OF THE REPUBLIC OF KAZAKHSTAN

of April 2, 2010 No. 962

About the Concept of forming and use of means of National fund of the Republic of Kazakhstan

(as amended on 11-04-2014)

I DECIDE:

1. Approve the enclosed Concept of forming and use of means of National fund of the Republic of Kazakhstan (further - the Concept).

2. Recognize invalid:

1) the Presidential decree of the Republic of Kazakhstan of September 1, 2005 No. 1641 "About the Concept of forming and use of means of National fund of the Republic of Kazakhstan for the medium term" (SAPP of the Republic of Kazakhstan, 2005, No. 35, Art. 480; 2007, No. 17, Art. 186; 2009, Art. No. 1-2, 1);

2) the Presidential decree of the Republic of Kazakhstan of May 29, 2007 No. 336 "About modification of the Presidential decree of the Republic of Kazakhstan of September 1, 2005 No. 1641" (SAPP of the Republic of Kazakhstan, 2007, No. 17, the Art. 186);

3) the Presidential decree of the Republic of Kazakhstan of January 19, 2009 No. 725 "About modification of the Presidential decree of the Republic of Kazakhstan of September 1, 2005 No. 1641" (SAPP of the Republic of Kazakhstan, 2009, Art. No. 1-2, 1).

3. To the government of the Republic of Kazakhstan in coordination with Presidential Administration in two-month time to develop and approve the actions plan on implementation of the Concept.

4. To state bodies of the Republic of Kazakhstan in case of development of relevant decisions to be guided by basic provisions of the Concept.

5. This Decree becomes effective from the date of signing.

President of the Republic of Kazakhstan

N. Nazarbayev

Approved by the Presidential decree of the Republic of Kazakhstan of April 2, 2010 No. 962

Concept of forming and use of means of National fund of the Republic of Kazakhstan

1. Introduction

In January, 2010 in the President's letter of the Republic of Kazakhstan to the people of the country "New decade - new economic recovery - new opportunities of Kazakhstan" were determined priorities of further development of the state within implementation of the Strategic plan of development of the Republic of Kazakhstan till 2020 and the State program of the forced industrial and innovative development of the Republic of Kazakhstan for 2010 - 2014 directed to preparation for post-crisis development, ensuring strong rise of economy due to acceleration of diversification through industrialization and increases in competitiveness of human capital.

In this light there is task of determination of new approaches to forming and use of means of National fund of the Republic of Kazakhstan (further - National fund) which will become logical continuation of the pursued policy of saving which showed the effectiveness during world financial and economic crisis.

In the new Concept the positive results received from implementation of the first Concept are kept. Main objective is increase in savings for future generations and prevention of replacement of accumulating of means of National fund with government borrowing.

2. Analysis of the current state

No. 402 "About National fund of the Republic of Kazakhstan" was created by the presidential decree of the Republic of Kazakhstan of August 23, 2000 National fund by analogy with other countries where essential part of budget receipts is created for acquisition account from export of natural resources. In 2005 the first Concept of forming and use of means of National fund for the medium term in which the basic principles and approaches were determined by management of its assets was accepted.

The scheme of the direction of means of National fund existing from the middle of 2006 in national economy provided guaranteed and target transfers in the republican budget, and also long-term investment of means into domestic securities. At the same time restriction in case of determination of the guaranteed transfer was no more one third part of assets of the National fund on the end of the year preceding year of development of the republican budget.

As a result of the accepted policy during the periods of economic growth sterilization of excessive currency inflow, pressure decrease on the exchange rate of tenge and inflation were provided. Financial provisions for carrying out active anti-recessionary policy within which of National fund means in the amount of 10 billion US dollars were used were created and the policy of accumulating is observed. Means for the end of 2009 constituted 4, 5 trillion tenges from which 750, 0 billion tenges are placed in internal assets (bonds of joint-stock company "National welfare fund "Samruk-Kazyna" and joint-stock company "National managing holding "Kazagro"), 24, 4 bln. dollars of the USA - in foreign assets.

Profitability of National fund since the beginning of creation, that is from June, 2001 to December 31, 2009, in base currency Fonda (US dollars) constituted 55% that in annual terms constitutes % 5,2.

At this stage the necessary amount for carrying out stabilization functions of Fund is created. At the same time questions of the maximum preserving proceeds from not renewing natural resources for future generations, balance of the republican budget and National fund and reducing not oil deficit continue to remain urgent.

In this context, taking into account delay of growth of means of National fund, the exception of variability of amounts of the guaranteed transfer in the republican budget by its fixation is obviously necessary what will provide intensive accumulating of means of National fund in the long term.

3. Main objective and principles of National fund of the Republic of Kazakhstan

Main objective of National fund is the saving of financial resources by means of forming of accumulatings for future generations and decrease in dependence of the republican budget on situation in the world raw markets. Respectively, functions of National fund are savings and stabilization.

For accomplishment of savings function not reduced remaining balance in National fund is established, and also the maximum size of National fund is not limited. Realization of stabilization function assumes providing the guaranteed transfer in the republican budget.

In general, for achievement of transparency of distribution of means of National fund, they will go to national economy only through the republican budget.

Forming and use of means of National fund is based on the following principles:

transparency - the obligatory publication approved (specified, corrected) indicators of National fund, reports on forming and on use of means of National fund, reports on investment management of means of National fund;

completeness - reflection in the reporting on National fund of all receipts and expenses, stipulated by the legislation the Republic of Kazakhstan;

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