President: National Fund's assets must be at least 30 % of GDP
ASTANA. September 1. KAZINFORM /Kanat Kulshmanov/ "In 10 years the National Fund's assets must be at least 30 per cent of the GDP", Kazakh President Nursultan Nazarbayev has announced at the joint session of the Parliament Houses. "It is crucial to provide a higher level of savings in order to generate internal resources of the economic growth. The Government and national holdings are obliged to reduce expenditure of the national budget and use borrowings in the domestic stock market by bond issues", N.Nazarbayev said. The Head of the State noted necessity of preservation of most revenues from the materials sector in the National Fund. "In 10 years the National Fund's assets should be at least 30 per cent of the GDP", he noted. "It is necessary to foresee transfer to counter-cyclical fiscal policy. It means - to reduce expenditure of the state in the period of the economic growth and increase them during the recession. It is necessary to accumulate funds in good times and spent them in a difficult period. It is a very important lesson of the crisis", the President noted.