| Kazakhstan will break into its $70 billion sovereign wealth fund to help pay the bills if it wins the 2022 Winter Olympics, Prime Minister Karim Massimov said yesterday ahead of an IOC vote. The International Olympic Committee, which will vote between the former Kazakh capital of Almaty and Beijing on Friday, has said the Central Asian republic’s reliance on oil revenues is a risk.
But Massimov told a small group of journalists including AFP that Kazakhstan was planning on oil staying at its weakened price of $50 a barrel. He said Kazakhstan’s fund was modelled on one used by Norway to hold its oil and gas revenues. Kazakhstan’s oil and gas accounted for about a quarter of its gross domestic product in 2013, according to the Extractive Industries Transparency Initiative...............................................Full Article: Source
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