According to the Ministry of Finance of Kazakhstan, the National Fund grew by $54.2 million (0.09%) over the first six months of 2024. During this period, the fund received $5.8 billion, including $4.8 billion in tax revenue from the oil industry and $977 million in investment income.
At the same time, the government withdrew $5.7 billion from the National Fund, including $3.8 billion in the form of guaranteed transfers and $1.8 billion in special purpose transfers.
According to the law on the state budget for 2024-2026, guaranteed transfers from the National Fund this year shouldn’t exceed $4.2 billion, which means that the sum of guaranteed transfers has nearly reached its ceiling. The ceiling for targeted transfers is set at $3.3 billion.
All previous reports from the finance ministry showed a gradual shrinking of the National Fund’s capital from January to May due to massive withdrawals ($61.2 billion in January and $60.1 billion as of May 1).
However, in May, the fund reported $2.4 billion in revenue (with overall revenue rising from $3 billion to $5.5 billion), allowing the National Fund to grow from $60.1 billion to $61.6 billion over one month. At the same time, the government withdrew $1 billion from the fund in May.
In June, the Ministry of Finance changed its data for the beginning of the year for unknown reasons. In its previous reports, the agency reported $61.2 billion in the National Fund as of January 1; the June report mentioned $62.8 billion in the fund as of early January. In June, the National Fund reported $285.3 million in revenue and $629.9 million withdrawn.
