03.11.2009
Anti-Crisis Measures Adequate, Timely and Precise, Samruk-Kazyna Claims
(National Wealth Fund’s Chairman Kairat Kelimbetov Comments on Activities)

Kairat Kelimbetov, Chairman of the Samruk-Kazyna National Wealth Fund said Monday the government’s anti-crisis policies have been adequate, timely and precise.
“Despite gloomy expectations from some pundits, we managed to escape a serious failure. Even if the results of 2009 indicate recession, it would still be minimal. Unemployment decreased from nine percent in March to 6.4 percent in August. Inflation stabilized at six percent, although we had double digits in 2007-2008,” Kelimbetov said, speaking at the National Business Forum in Almaty.
He highlighted the positive impact of government’s stimulus packages of three billion USD in 2007 and 10 billion USD in 2008, as well as of the so called “Road map” program.
“Overall these measures stabilized the economy and the ‘patient’s’ health began to recover,” Kelimbetov stated and outlined major outcomes of the state’s stimulus package to support the most affected elements of national economy.
Of the 1,075 trillion tenge (close to 10 billion USD at the time of release in fall 2008), 211 billion remain on the Samruk-Kazyna’s deposit at the National Bank and wait to be invested into the programs aimed at completing frozen construction projects. The rest went into supporting the banking sector, assistance to small and medium sized enterprises, and refinancing population’s mortgage loans. Of the total sum, the Samruk-Kazyna spent 480 billion tenge on purchasing dominant shares in BTA Bank and Alliance Bank, and roughly one fifth of shares in Kazkommetsbank and Halyk Bank.
“Banks are veins of our economy. Anti-crisis packages worldwide were based on supporting financial sectors”, Kelimbetov noted.
The government’s stimulus package for SMEs, a sector of the economy employing two million people, was executed in three transfers, each of about one billion dollars, Kelimbetov informed. Around 30 thousand families used a chance to decrease their mortgage interest rates to nine to eleven percent from the initial 16 percent, thanks to the 120 billion tenge program within the government’s stimulus package.
Another package of 120 billion tenge was used for the replenishment of the share capital of the Development Bank of Kazakhstan, a government run institution investing into mid- and long-term industrial and infrastructural projects in the economy.
The remaining 240 billion tenge are targeted at supporting the construction sector. The government defined 128 residential construction sites in need of financial support. Thirty-three billion tenge have already been invested into completing some of them. The remaining ones are expected to be completed by the end of 2009, and later, in 2010-2011.
The Chairman of the National Wealth Fund also reminded that despite the strengthening of the economic role of governments in all countries, the state presence should concentrate on performing the function of regulating economic processes.
“There must be a stronger financial watch and stricter rules in real estate markets,” Kelimbetov stated. He claims the government has no expansionist plans concerning Kazkommertsbank and Halyk Bank.
“Our role in these banks is minimal. We are not in their boards of directors, because we fully trust their managers. Watching them is the task of the National Bank and the appropriate government agency. We are passive shareholders only,” Kelimbetov stated.
The Samrul-Kazyna National Wealth Fund is the government’s main instrument in investing in the national economy.