"Kazakhstani pension funds are being consumed by KTJ."
In a recent briefing at the government, Minister of Transport Nurlan Sauranbayev addressed a long-standing rumour suggesting that pension funds of Kazakhstanis are being funnelled into the national company "Qazaqstan Temir Zholy" (KTZ). The minister dismissed this information as a rumour.
Sauranbayev assured that there is no involvement of the Unified Accumulative Pension Fund (UAPF) funds in KTZ. He further clarified that no UAPF funds were used directly for KTZ.
Contrary to the rumour, there is no publicly documented historical involvement of the UAPF in directly funding projects related to KTZ. The UAPF primarily manages pension savings through diversified investment portfolios focusing on government securities, corporate bonds, and other financial instruments rather than direct project financing of state enterprises like KTZ.
However, indirect exposure to infrastructure sectors could occur if the fund holds shares or bonds of companies involved in transportation or infrastructure sectors within its broader investment strategy.
It's worth noting that the national passenger carrier purchased new wagons using borrowed and its own funds, not funds from the pension fund. This was confirmed in March, when a Kazakhstani citizen inquired about the source of funds for "Passenger Transportation" to purchase new wagons, and the company responded accordingly.
In a separate matter, a private project in Ust-Kamenogorsk, through a public-private partnership, attracted funds from both the UAPF and the Kazakhstan Investment Fund. Yet, the funds for KTZ were not directly sourced from the UAPF.
In conclusion, while the UAPF may have indirect exposure to infrastructure sectors, there is no confirmed direct funding link between the UAPF and KTZ projects as of the latest available information. For a more definitive verification, one could request official investment and audit reports from the UAPF or relevant government oversight bodies.
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