12.11.2014 - Kazakh leader orders government to open oil fund for projects
Kazakhstan's president ordered his government on Tuesday to allocate $3 billion from the National Fund every year from 2015 to 2017 to bolster growth in an economy hit by falling oil prices and a slowdown in Russia. The National Fund, which is replenished with windfall revenues from oil exports, stood at $76.8 billion as of Oct 31. Kazakhstan, Central Asia's largest economy and the second-largest former Soviet oil producer after Russia, similarly tapped its fund after being hard hit during the global financial crisis of 2007-09, spending $10 billion to cushion the effects...............................................Full Article: Source
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