Kazakhstan’s President Kassym-Jomart Tokayev has signed a decree establishing a new council to oversee the country’s National Fund, a sovereign wealth fund financed by oil revenues. Tokayev will serve as chair.
The decree nullifies a 2004 order that designated former President Nursultan Nazarbayev as chair of the council.
Regular members of the new council include the prime minister, the speakers of both chambers of parliament, the head of the presidential administration, the chairman of the National Bank, the first deputy prime minister, the chair of the Supreme Audit Chamber, and the ministers of finance and economy.
The council is an advisory body under the president, tasked with developing proposals on the following matters:
- Using National Fund and pension assets.
- Allocating guaranteed and targeted transfers from the fund.
- Investing fund assets in approved financial instruments.
- Financing national projects through the purchase of debt securities issued by Samruk-Kazyna, the national welfare fund.
Contingency fund
The National Fund of Kazakhstan was established in 2000 as a stabilization fund to mitigate the negative effects of volatile oil prices on the economy and as a savings vehicle to preserve a portion of oil revenues for future generations. Kazakhstan’s National Bank is responsible for implementing the fund’s asset investment strategy. The fund currently holds nearly $60 billion in assets.
As a sovereign wealth fund, it is integrated into the government’s consolidated budget. Its primary expenditures are «guaranteed» and «targeted» transfers to the state budget as part of its stabilization function. Guaranteed transfers are used for general budget support, while targeted transfers can be allocated to projects of national importance only by presidential decision.
Every year, the cabinet resorts to assets from the National Fund to cover the state budget deficit through guaranteed and targeted transfers. In 2025, the government plans to withdraw $11 billion ($3.9 billion in guaranteed transfers and $7.1 billion in targeted transfers).
National Bank Chairman Timur Suleimenov has repeatedly spoken about excessive withdrawals from the National Fund. He said these withdrawals prevent Kazakhstan from reaching its goal of a $100 billion National Fund by 2030. In 2024, the fund maintained its size solely through investment income.
In April, President Tokayev stated that Kazakhstan may rely on its National Fund and international reserves to withstand a potential global economic crisis.
