About the National Fund of the Republic of Kazakhstan

Decree of the President of the Republic of Kazakhstan dated August 23, 2000 No. 402.

In order to ensure stable socio-economic development of the country, accumulate financial resources for future generations, and reduce the economy's dependence on the impact of adverse external factors, I hereby decree:

     1. To establish the National Fund of the Republic of Kazakhstan (hereinafter referred to as the Fund).

     2. Establish that:

     1) the assets of the Fund are concentrated in the account of the Government of the Republic of Kazakhstan in the National Bank of the Republic of Kazakhstan;

     2) the Fund's assets are managed by the National Bank of the Republic of Kazakhstan;

     3) the amount and directions of use of the Fund are determined by the President of the Republic of Kazakhstan on the proposal of the Government of the Republic of Kazakhstan;

     4) The Government of the Republic of Kazakhstan annually submits for approval to the President of the Republic of Kazakhstan an annual report on the formation and use of the Fund.

     The footnote. Paragraph 2 was amended by Decree of the President of the Republic of Kazakhstan dated January 29, 2001 No. 543.

     3. To instruct the Government of the Republic of Kazakhstan jointly with the National Bank of the Republic of Kazakhstan by November 1, 2000:

     1) to prepare and submit to the President of the Republic of Kazakhstan, in accordance with the established procedure, draft regulatory documents necessary for the organization of the Fund's activities and ensuring transparent and effective management of the Fund's assets;

     2) to work out the issue of the sources of formation of the Fund's assets, to submit, if necessary, draft legislative acts for consideration by the Parliament of the Republic of Kazakhstan;

     3) submit proposals on the formation of the Fund's management bodies with the participation of representatives of the President, Parliament and the Government of the Republic of Kazakhstan.

     4. This Decree comes into force from the date of signing.

     President

     Republic of Kazakhstan

     (Experts: Umbetova A.M.,

     Tsai L.G.)

President    

Republic of Kazakhstan     

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