Increased National Fund assets reach a total of $66.2 billion.
Revised Article
Headlines flash across screens in 2024: Kazakhstan's National Fund swells to a whopping $66.2 billion, thanks to a 16% surge in assets, as reported by Vechernyaya Astana.
Minister of Finance, Madhi Takiyev,$, revealed this exciting news at a Parliament session, pointing out the impressive growth in returns and the diligent management of the fund's resources.
Takiyev,$, also shed light on the success of the "National Fund - Children" program, which has been dishing out a cool $233 to over 7 million Kazakh children since its inception two years ago.
The National Fund,$, is no ordinary cash stash; it's a mighty wealth fund that's been silently guarding billions in assets and ensuring Kazakhstan's financial stability, whilst shrewdly navigating global markets. This economic powerhouse also cushions against external risks.
But it's not just about macroeconomic stability. The purpose of the National Fund extends far beyond that. It directly supports the little ones, aiming to enrich their lives, create a host of opportunities, and bolster their education.
The "National Fund - Children" program, which went live on January 1, 2024, funnels funds from the National Fund to children born since 2006. Lawmakers got busy making the necessary tweaks for this initiative to take flight.
In the first year alone, nearly 6.92 million kids joined the program, each receiving a $100.52 USD annual allocation. The total splash? A staggering $695.5 million USD!
By 2024, about 304,815 children who had turned 18 drained a total of $30.6 million USD. The following year, the number of 18-year-olds receiving their share increased slightly, clocking in at 324,430, with each receiving around $129.38 USD.
Kids who've been part of the program for two years, taking into account investment returns, end up with around $232.94 USD.
Since its inception, the "National Fund - Children" program has disbursed a total of $1.5 billion USD to the delight of Kazakh youngsters.
In a nutshell, the National Fund,$, acts as a vital economic stabilizer and a cheerful social investor, making a huge difference in the lives of Kazakh children by doling out financial support that shapes their futures and educational journeys.
The Minister of Finance, Madhi Takiyev, communicated the growth of the National Fund in a Parliament session, highlighting its significant gains in assets within the business and finance sectors. This wealth fund, a powerful economic entity, not only guarantees Kazakhstan's financial stability but also directly supports children through initiatives like the "National Fund - Children" program, which has provided over $1.5 billion USD to Kazakh youngsters since its commencement.
