President Directs Samruk Kazyna to Develop Economic Anti-Crisis Programme

ASTANA – Kazakh President Nursultan Nazarbayev directed Samruk Kazyna Sovereign Wealth Fund Board Chairman Umirzak Shukeyev to review the fund’s plans for 2015 and develop a special anti-crisis programme during a Jan. 16 meeting at the Akorda presidential palace. The President also noted the importance of efficiency and stability in the fund’s operations because of the country’s current economic climate.

image“Jobs should be taken care of, especially now, given the declining prices for Kazakhstan’s export commodities. In this context, Privatisation, asset restructuring, cost reduction and income increases must continue,” Nazarbayev said.

Shukeyev reported on the fund’s current dealings, the results of key programmes and plans for the near future. Shukeyev also reported on measures aimed at reducing costs, including the suspension of a number of investment projects of low strategic importance.

“This year, we plan to reduce the cost of our products by 7.8 percent, our current and administrative costs by 20 percent and the investment programme by 18 percent,” the Samruk Kazyna chairman said.
After the meeting, Shukeev participated in a press conference where he mentioned the challenging situation facing Central Asia caused by falling oil prices, unstable currencies in neighbouring countries and the negative impact these processes have on Samruk Kazyna. This is why the President charged the fund with reviewing its 2015 programme, he said. The fund’s efficiency must be maintained during the ongoing economic crisis, he added.

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