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Wednesday, December 19th, 2018

S. Zhumangarin: The National Fund has received over 7 billion tenge due to privatization

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During today’s Government meeting on the progress of privatization within the framework of the eighth direction of the Address “Effective Public Administration”, Deputy Minister of National Economy Serik Zhumangarin reported that to date, the National Fund has already received 7.4 billion tenge due to privatization.

According to the Deputy Minister, within the framework of fulfilling the President’s Address, a working group is in the final stage of creation, it will include representatives of all state agencies, the National Chamber of Entrepreneurs, the quasi-public sector.

We will complete this task before August 2018, that is, we will report the results of the implementation of the Comprehensive Privatization Plan to the Government, and I think that it (the plan) will be further supplemented by a number of enterprises, � the Deputy Minister assured.

According to Serik Zhumangarin, to date already 7.4 billion tenge was added to the National Fund through privatization.

There are instructions from the Head of State stating that the funds from privatization will be directed to the National Fund of the Republic of Kazakhstan. They will be invested in accordance with the rules of the National Fund. This is a fund for future generations. To date, 7.4 billion tenge has come from privatization to the National Fund. This is mainly from the sale of Republic-owned facilities, � Serik Zhumangarin said.

The Deputy Minister also explained that the revenues from facilities that are owned by the quasi-public sector will also go to the National Fund. However, funds from the sale of facilities by local executive bodies are transferred to the local budget and will be spent in accordance with the budget code for local budget expenditures.

Recall, the Head of State in his Address “New Development Opportunities in the conditions of the Fourth Industrial Revolution instructed to expedite the implementation of the privatization plan, expand it by reducing the number of organizations subordinate to state agencies. The second task within the framework of privatization is to consolidate, where applicable, subordinate organizations of state agencies to reduce administrative expenses.

Source: Government of the Republic of Kazakhstan

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