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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Management/Administration

$10 bln out of the National Oil Fund has gone to nowhere: President Nazarbayev

Posted on 24 January 2013

Kazakhstan earmarked $ 10 billion out of the National Oil Fund [accumulating windfall oil revenues] to combat the financial crisis. However, the money has gone nowhere, a Tengrinews.kz journalist reports, citing President Nazarbayev as saying at a sitting in his Akorda Residence held to tally 2012 results.
“It’s easy to ask for money out of the National Oil Fund. The $ 10 billion allocated to combat the financial crisis is gone. There is no pay-off”, President said. According to President, “country’s banks are begging for the National Oil Fund’s money rather than working properly to earn money”………………………………………..Full Article: Source


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