ASTANA—Kazakhstan’s special state fund for the accumulation of illegally withdrawn assets as of Sept. 13 received 176.3 billion tenge (US$367.7 million), said Chairman of the State Property and Privatization Committee of Kazakh Ministry of Finance Bakytbek Tashenev in an interview with Kazinform.
Bakytbek Tashenev. Photo credit: Finance Ministry
Function of the special state fund
According to Tashenev, the special state fund is a cash control account opened in the Kazakh Ministry of Finance in accordance with the Budget Code for the receipt and expenditure of money to finance social and economic projects and the expenses of the authorized body for the return of assets. The proceeds of the fund are the money received from the sale of property returned following the procedure established by the law.
As of Sept. 13, the fund’s revenues reached 176.3 billion tenge (US$367.7 million). For example, 5.7 billion tenge (US$11.9 million) came from the Returned Assets Management Company. Of these, 5.559 billion tenge (US$11.6 million) came from the sale of assets, 159 million (US$331,614) from asset management, reported Kazinform on Sept. 22.
Expenditure of funds
The assets of the special state fund are spent on financing social projects aimed at healthcare, education, support for socially vulnerable groups of the population, people with disabilities, orphans, children left without parental care, rural youth, the unemployed, single-industry towns, the needs of residents of rural settlements, the development of communal and socio-cultural facilities, as well as other projects determined by the government, including those related to strengthening economic projects and important areas, and the creation (restoration) of industries needed to resolve socio-economic issues.
In cases where the fund’s resources are limited, priority is given to social projects.
According to the law on the return of illegally acquired assets to the state, the Ministry of Finance must publish information on the receipts and expenditures of the special state fund annually, said Tashenev.
