| In July President Nursultan Nazarbayev stated that the Kazakh economy will no longer be supported by the money from the oil reserve fund, instructing his cabinet to search for this revenue elsewhere. Many in Kazakhstan are worried that the economy will severely contract without extra support from this fund to cover budget deficits.
“In these difficult times we can’t use the money from the State Oil Fund here and there, we don’t have such funds anymore. We will not allow this money used to subsidize the economy anymore. The government has to look elsewhere and find new and effective resources, and find ways to use that money effectively. And the people have to see the results of this work. And we will have to slow down our economy growth,” Nazarbayev said...............................................Full Article: Source
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