The Ministry of Finance has prepared a draft regulation that may legally pin a mechanism of purchasing KazMunayGas (KMG) shares by the National Fund as a regular practice. The document has been published on the www.legalacts.egov.kz website for public review.
The draft document suggests some adjustments to the agreement with the National Bank concerning trust management of the National Fund. The practice of buying KGM shares at the expense of the fund and with a discount to the market price is going to be a key novelty to the agreement. This scheme became possible last year when Kazakhstan adopted a...