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Friday, September 25th, 2020

NAZARBAYEV CHAIRED MEETING OF SAMRUK KAZYNA MANAGEMENT COUNCIL

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First President of Kazakhstan Leader of the nation Nursultan Nazarbayev chaired a meeting of the Management Council of the National Welfare Fund Samruk Kazyna, Strategy2050.kz refers to Elbasy’s press service.

The meeting participants considered the course of the implementation of the instructions given at the meeting of the Council in May this year.

Samruk Kazyna plays a special role in country’s national economy. The Fund has great challenges. This year we are holding the second meeting of the Council, Elbasy said.

Reports were presented by Chairman of the board of Samruk Kazyna JSC A. Yessimov, Chairmen of the board of KTZ NC JSC S. Mynbayev, KazMunayGas NC JSC A. Aidarbayev, and NAC Kazatomprom JSC G. Pirmatov.

After hearing the information presented, Nursultan Nazarbayev noted that the management of the Fund was able to solve systemic issues and achieve positive dynamics of production indicators.

Last year, the Fund managed to increase its net profit by 88 percent to the level of 2017. This year we are seeing an increase of another 40 percent. For 9 months, this year’s indicators are higher than last year’s annual figures. This is a good speaker. Systematically reduce administrative costs and other inefficient costs. This is all evaluated positively, the First President of Kazakhstan said.

Elbasy stressed the importance of ensuring effective management of State shares in joint ventures.

The Fund, having received 268 billion tenge of net cash income, gave 70 percent to the state, or 190 billion tenge. This is two times more than last year. At the same time, in monetary terms, the amount of dividends increased by five times. This is not necessary to be limited, it is necessary to continue work in this direction, Nursultan Nazarbayev said.

The First President of Kazakhstan also pointed to the effectiveness of introducing new mechanisms to stimulate production in unprofitable areas in the oil and gas and chemical industries.

Through the introduction of mechanisms, a complex of tasks is solved from increasing production volumes and solving social problems to increasing the share of required reserves. And the Government needs to study and support these approaches, Elbasy stated.

Issues of the Fund’s IPO entry and ensuring the effectiveness of procurement were also discussed at the meeting.

Procurement from a single source was almost 1.5 times reduced and the volume of competitive purchases increased 4 times. And, as a result, savings have increased. Today it amounts to more than 130 billion tenge, Nursultan Nazarbayev said.

Noting the positive results of the implementation of the Samruk Kazyna Development Strategy for 2018 2028, the First President of Kazakhstan pointed out the importance of considering proposals aimed at improving the financial situation of the Fund’s companies and further implementing the privatization plan.

Samruk Kazyna is the national welfare fund. Therefore, we, as the Management Board, as well as the Board of Directors, need to carry out systematic work to increase the confidence of the population and business in the activities of the Fund. Citizens should understand that all this belongs to Kazakhstan and our people, Elbasy concluded.

Source: Kazakhtan 2050

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