Draft law ?On National Welfare Fund? discussed in Senate

ASTANA. February 3. KAZINFORM. The Committee for Finance and Budget of the Kazakh Parliament?s Senate discussed a draft law ?On National Welfare Fund?, Kazinform has learnt from the House?s press service.

The document is aimed at providing macroeconomic stability of the country in terms of current recession in the world economy. The draft law defines legal status, order of activity, targets, tasks and authority of the National Welfare Fund, as well as definite authority of legal entities, equities shares of which belong to the Fund. To realize the tasks the Fund is vested with the following powers: 1) priority right to acquire by decision of the Kazakh Government the strategic objects alienated by the owners; 2) priority right by the Government?s decision to manage the bankruptcy estate at bankruptcy of organizations, stock of shares of which are referred to strategic objects in line with legislation of the Republic of Kazakhstan, or organizations having important strategic significance for the economy of the country; 3) right to acquire the shares of the banks within the framework of the legislation of the Republic of Kazakhstan. The Senate introduced amendments to the draft law, approved by the Majilis.