Prime Minister Bakytzhan Sagintayev instructed to keep the issue of refunding UNPF funds under special control
The Prime Minister B.Sagintayev noted that in accordance with the Law of the Republic of Kazakhstan “On Pension Provision”, the owner of the UNPF joint stock company is the Government, and the state guarantees recipients the safety of mandatory pension contributions. In this regard, the Government is directly interested in the safety of pension assets of citizens of Kazakhstan and has appointed its special representatives on this issue.
“For my part, I spoke with my Azerbaijani counterpart, the Prime Minister, who assured me of providing full support for the process of repaying the debt to all the bank’s creditors” – said Sagintayev.
Minister of Finance Bakhyt Sultanov reported that in October 2014, the International Bank of Azerbaijan’s debt securities were purchased in the portfolio of the UNPF assets worth $250 million with a circulation period of 10 years and a rate of 8.25%. From 2014 to date, the UNPF in the form of remuneration has already received from the IBA funds in the amount of about KZT15 billion, which is about a third of the invested amount.
“The Finance Minister of Azerbaijan, authorized on this issue, explained that in connection with the devaluation of the national currency of Azerbaijan, the International Bank has ceased to fulfill its obligations to creditors. The Azerbaijani government holds this issue under special control and on the assurances of its colleagues that Azerbaijan will make every effort to ensure the interests of all creditors of the bank” – B. Sultanov reported.
Minister of Finance B. Sultanov noted that on May 23 of this year in London, during a meeting with foreign creditors with the participation of representatives of the National Bank of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan, detailed conditions for the return of these funds were announced. According to forecasts, this work will be completed in the autumn of this year.
Source: The Prime Minister of Kazakhstan