Nazarbayev chaired meeting of Management Council of the National Fund of Kazakhstan

The meeting discussed the conceptual approaches on the use of funds from the National Fund and allocations of its assets.

The President noted that actually we needed to define the future role and place of the National Fund in the economic policy of the country in the long term. The Kazakh President also stressed that the National Trust is the money of future generations, and therefore their use is permissible only in the most exceptional cases.

In addition, Nursultan Nazarbayev said that the National Fund should not be considered as a source of current business, but instead we need to reduce inefficient budget spending, strengthen financial discipline, to fight corruption and increase the tax base.

In this regard, the President of Kazakhstan drew attention to the importance of the adoption in the near future drastic measures to balance the budget.

First, the government and the National Bank to make joint proposals with detailed calculations to ensure stable economic growth through coordinated action by the Government and the National Bank under the new system of monetary relations until June 1. Secondly, to approve the proposed changes in the concept of the National Fund for the allocation of targeted transfers to the state budget.

President instructed the Government to develop and approve the necessary documentation for the proposed infrastructure projects until June 1 and to determine the mechanisms of the National Fund for their funding. It is necessary to work out the mechanism of monitoring of the financial part of projects to ensure the intended use of the allocated funds.

"One more question, which is actively debated is funding of the National Endowment for the funding of banks. I forbid it absolutely, for that matter the final decision has been made. The banks of the second level have a lot of different options and tools to raise funds, there are also other reserves. And we need to use them, not hoping that someone will give free money. It is needed to work and compete," Nursultan Nazarbayev stated.

Besides, Deputy Prime Minister Kairat Kelimbetov and Chairman of the National Bank Grigory Marchenko made their reports during the meeting.

Following the meeting, the Head of State gave concrete instructions on the discussed issues.