Samruk Kazyna Fund to carry out new anti-crisis measures

"In the light of negative trends in global economy, the company intends to adjust its business plans. In particular, it is planned to minimize current expenditures - administrative expenses will be put down by 64 billion tenge or 16,6%. "Capital expenditures are to be reduced by $1,3 billion or 18%, " Shukeyev added. According to him, the fund's investment program is likely to be cut by 18%. Expenses of companies in chemical, mining, construction, transport, oil and gas sectors will be minimized as well. "However, this will not affect large-scale projects of the State Program of Industrial and Innovative Development, the Nurly zhol (Path to the Future) program, EXPO-2017 and other strategically important projects," Shukeyev said. In his words, Samruk Kazyna National Welfare Fund will shift its focus to the transformation of business amid complicated economic situation. "The transformation process initiated by Head of State Nursultan Nazarbayev will boost company's immunity to crisis situations," he added. The detailed roadmaps of transformation for the next 3 years have already been approved. The fund is to be transformed into a strategic holding/active investor based on the model of the best international analogues.