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President hints Kazakhstan may merger pension, oil funds

26 December 2017 12:15 1248
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President hints Kazakhstan may merger pension, oil funds

ASTANA. KAZINFORM - President of Kazakhstan Nursultan Nazarbayev doesn't rule out the possibility that Kazakhstan may merger its state pension and national (oil) funds in the future, Kazinform reports. 

During the interview on state television President Nazarbayev was asked about the future of the state pension fund and pension savings of Kazakhstanis.

The Kazakh leader reminded that the Government is responsible for investing the pension money so as to benefit pensioners and the National Bank protects the fund assets.

Nazarbayev also added that he is convinced that pension money should be invested into development of Kazakhstan's infrastructure and industrial projects.

"If we invest into development of Kazakhstan's infrastructure, the money will stay here [in the country]. This is the real economy, plants will remain here. What else can be done with the pension savings? For instance, Norway has good experience in this respect, they have merged their pension fund with their national (oil) fund. Now it is a more reliable fund. Maybe we will go that way. But the Government should control the fund and be responsible before pensioners," he said.



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