Kazakh national welfare fund sells non-core assets
Astana, Kazakhstan, Feb. 27
By Daniar Mukhtarov - Trend:
Kazakhstan's national welfare fund Samruk-Kazyna is actively getting rid of losses by selling non-core assets, chairman of the fund, Umirzak Shukeyev said on Feb. 27.
"This year we will have to withdraw 75 non-core assets from the fund, what will allow us to get rid of losses by 5.7 billion tenges ($1 -184.95 tenges)," Shukeyev said, speaking during a briefing at the Kazakh Central Communications Service.
He said the program on reduction of costs and withdrawal of non-core assets was launched last year. Until that time the number of non-core assets exceeded 500.
"Last year over 400 objects and non-core assets were sold. Part of them were sold in auctions, some were transferred to akims [heads of regional governments], and the rest were simply eliminated. Though we only handed over some assets to akims, this affected the reduction of our expenditures on their maintenance," Shukeyev said.
He said the introduction of the e-procurement system helped to save 15-20 percent of the planned amounts, i.e. up to 70 billion tenges.
"And putting together all initiatives of the company can give the effect of about $1 billion. This is a serious sum, with which for example you can build a factory," the fund's head said.
Samruk-Kazyna - Holding for Management of State Assets, which is managed by the government, was created to enhance the national economy's competitiveness and sustainability and to forestall factors of possible negative influence of changes in world markets on the country economic growth.
Translated by E.A.
Edited by C.N.