A meeting of the Board for managing the National Welfare Fund "Samruk-Kazyna" was chaired by the First President of Kazakhstan Nursultan Nazarbayev, Kazpravda.kz reports with reference to the press service of Elbasy.
During the meeting, the progress of the instructions given at the meeting of the Council in May this year was considered.
"Samruk-Kazyna Fund plays a special role in the national economy of the country. The Fund faces great challenges. This year we will hold the second meeting of the Council," said Elbasy.
At the meeting, reports were presented by the chairman of the board of Samruk-Kazyna Akhmetzhan Yesimov, the chairpersons of the board of KTZh NC Sauat Mynbaev, NC KazMunayGaz Alik Aidarbayev, and NAC Kazatomprom Galymzhan 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 net profit by 88 percent to the level of 2017. This year we see the increase of 40 percent. For 9 months this year’s figures are higher than last year’s. This is good dynamics. You are systematically reducing administrative expenses and other inefficient costs. This is all evaluated positively," said the First President of Kazakhstan.
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 2 times more than last year. Moreover, in monetary terms, the amount of dividends increased 5 times. You need to continue work in this direction," said Nursultan Nazarbayev.
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.
“A set of tasks is being solved through the introduction of mechanisms - from increasing production volumes and solving social problems to increasing the share of necessary reserves. And the Government needs to study and support these approaches,” said Elbasy.
During the meeting, the issues of the Fund’s IPO entry and effectiveness of procurement were also discussed.
"Procurement from a single source has been reduced by 1.5 times and the volume of competitive purchases has been 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 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 a national welfare fund. Therefore, we, as the Management Council, 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. People should understand that all this belongs to Kazakhstan and our people,"- concluded Elbasy.
Reported by the Kazakhstanskaya Pravda.
