The Council for Management of the National Fund of the Republic of Kazakhstan (hereinafter – the Council) is a consultative and advisory body under the President of the Republic of Kazakhstan. The Council’s decisions are advisory.
The main objectives of the Council are to assist and advise the President of the Republic of Kazakhstan on the use of the assets of the National Fund of the Republic of Kazakhstan (hereinafter – the Fund) and on the management of pension assets of the Unified Accumulative Pension Fund (hereinafter – the UAPF).
To achieve its objectives, the Council:
1) develops proposals to improve the efficiency of the formation and use of the Fund’s assets;
2) reviews and develops proposals on the amount of the guaranteed transfer from the Fund to the republican budget;
3) reviews and develops proposals on the amounts and uses of targeted transfers from the Fund to the republican budget, allocated by the decision of the President of the Republic of Kazakhstan to finance critical facilities and projects of national importance where no alternative sources of financing are available;
4) reviews and develops proposals on financing projects of national importance from the Fund’s assets through the purchase of debt securities of the National Welfare Fund, taking into account the results of the project evaluation;
5) develops proposals on the list of permitted financial instruments, excluding intangible assets, and related transactions for investing the Fund’s assets;
6) develops proposals to improve the efficiency of managing the pension assets of the UAPF;
7) reviews and develops proposals on the areas of investment for the pension assets of the UAPF;
8) develops proposals for determining the list of financial instruments permitted for purchase with the pension assets of the UAPF;
9) reviews the annual report on the activities of the UAPF;
10) reviews the annual report on the results of managing the National Strategic Crypto Reserve.
Composition of the Council
The President of the Republic of Kazakhstan is the Chairman of the Council.
Members of the Council are the Prime Minister of the Republic of Kazakhstan, the Chairman of the Kurultai of the Republic of Kazakhstan (subject to consent), the Chief of Staff of the President of the Republic of Kazakhstan, the Governor of the National Bank of the Republic of Kazakhstan, the First Deputy Prime Minister of the Republic of Kazakhstan, the Chairman of the Supreme Audit Chamber of the Republic of Kazakhstan, the Minister of Finance of the Republic of Kazakhstan, the Minister of National Economy of the Republic of Kazakhstan.