On March 3, 2022, the modernization of Samruk-Kazyna JSC was discussed at the meeting of the Supreme Council for Reforms under the President of the Republic of Kazakhstan in Akorda. The meeting was chaired by Kassym-Jomart Tokayev. 

Almassadam Satkaliyev told about the plans for reforming the Samruk-Kazyna Fund, noting the key priorities of the program. 
Thus, the procurement process will become transparent, barriers for market participants in the processing and marketing of oil, gas, coal, and electricity will be eliminated. The HR policy has been revised, and the management staff has been optimized. 

The Fund’s companies, such as KazMunayGas JSC, Air Astana JSC, KEGOC JSC, QazaqGaz JSC will be launched to IPO, thanks to which Samruk-Kazyna will be able to allocate KZT500 billion to the National Fund. 

The program is supposed to attract high-quality investments for more than USD8 billion, opening of 24 new production facilities with a total cost of KZT4 trillion and the creation of 5,000 new jobs. As Almassadam Satkaliyev noted, the program takes into account all the realities of the current economic situation in the country and the world. For each portfolio Company included in the structure of the Fund, proposals have been developed to improve the efficiency of activities. Supply routes have been optimized. For example, contracts with 44 intermediaries will be terminated only in the electricity purchase mechanism. The economic effect of this procedure will exceed KZT2 billion only this year. As the CEO of Samruk-Kazyna JSC noted, the support of domestic business will continue to be one of the key areas of the Fund’s activities, as well as implementation of measures within the framework of social responsibility of business. 

The Supreme Council for Reforms was established on behalf of the Head of State and approves the most important reforms for Kazakhstan. Given the strategic importance of the Fund for the national economy, its reform should be approved by the Supreme Council. 

photo: www.akorda.kz