Kazakhstan wants to increase pensions and benefits

The Minister of National Economy of the Republic of Kazakhstan, Alibek Kuantirov, explained on the sidelines of the government why the government again intends to take money from the National Fund, Kazpravda.kz correspondent reports.

Journalists asked if the piggy bank would be empty, that is, if the reserves of the National Bank would run out.

 “The piggy bank will not be empty. Because we remain at the same level in terms of the assets of the National Fund, moreover, we will exceed the lower threshold of the covenant of 30% of GDP. We take money for the implementation of the instructions of the Head of State, which have been given since January of this year, as well as for various program documents,” he said.

Alibek Kuantirov explained that the National Fund has several functions: savings, stabilization and anti-crisis.

“This process (of transfers - author's note) is normal, yes. This is part of the counter-cyclical fiscal policy. We have additional revenues due to the higher oil price, and it turns out that we are directing these revenues to fulfill the instructions of the President and to implement program documents. Now the National Fund has 55-56 billion dollars,” Kuantirov said.

Speaking about social payments, he noted that it is planned to increase pensions and some types of benefits.

“About 9% approximately. As for terms, this is when we pass the Majilis and the Senate, maybe June-July,” the minister concluded.