President: KZT 500 bln of pension savings to be converted into currency
ASTANA. KAZINFORM - At the enlarged sitting of the Government of Kazakhstan, President Nursultan Nazarbayev gave instructions to ensure preservation and profitability of the savings of depositors of the Integrated Accumulative Pension Fund of Kazakhstan until it is transferred to private companies.
He also ordered to invest pension savings in the amount of 1 trln 450 bln tenge in several spheres in 2016.
In particular, KZT 500 bln will be converted into foreign currency for investing in external markets in order to ensure diversification of the portfolio of the Accumulative Pension Fund and increase the profitability of pension savings of people.
Another 600 billion tenge will be used for purchasing bonds of the second-tier banks and national holdings on a repayable basis and at the market interest rate for preserving and increasing the profitability of pension savings. Then, these funds will be invested for stimulation of the most important sectors of the economy. The key directions are financial needs of small and medium-sized business for trading capital and refunding loans, which are going to finance 700 projects and create 14 thousand jobs and sell products for the amount of KZT 540 bln and ensure the income of taxes to the budget totaling about 60 billion tenge. Secondly, it is speeding up the implementation of the project "North-East-South" of "KEGOC" JSC in order to reduce the energy deficit in the south of the country. Thirdly, it is financing of the priority projects of the agro-industrial complex including production and processing of meat and milk. Fourthly, it is ensuring the broadband access to the Internet in 3456 rural area localities.