Tokayev orders National Fund money spent on social construction projects

October 3, 2026 at 10:08 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

President Kassym-Jomart Tokayev has ordered that money from Kazakhstan's National Fund be used to build social facilities. The fund holds about $65 billion in foreign currency assets, and the government plans to withdraw 5 trillion tenge in targeted transfers over the next three years. The move comes even as economists warn that social projects have no direct economic return.

Key Facts

President Kassym-Jomart Tokayev said in August he is ready to use National Fund money to turn Kazakhstan into a large construction site.
The National Fund's foreign currency assets are about $65 billion.
The government plans to withdraw 5 trillion tenge in targeted transfers from the fund over the next three years.
Of that amount, 2 trillion tenge is planned for next year and 1.5 trillion tenge each in 2028 and 2029.
Economist Aibar Olzhai said social facilities have no economic return and the fund should finance projects with high economic efficiency.

Presidential Directive

In August, President Tokayev told reporters that Kazakhstan should be turned into a large construction site, starting with social facilities for citizens. He said he is ready to use National Fund money for this purpose, arguing that keeping the funds as securities abroad is pointless if they cannot be used for the people's benefit. Tokayev stated that the money should serve the well-being of the people and that he is against simply holding it.

Fund Withdrawals

The National Fund currently holds about $65 billion in foreign currency assets. The government plans to withdraw 5 trillion tenge in targeted transfers over the next three years. Of this, 2 trillion tenge is planned for next year, and 1.5 trillion tenge each in 2028 and 2029.

Economic Debate

Economist Aibar Olzhai said the key question is where the money is spent, not how much is withdrawn. He argued that social facilities have no economic return and that the fund should finance logistics, energy, and transport projects that generate 3-4 tenge for every tenge invested. Kairat Ryspek, director of the Astana branch of the Kazakhstan Builders Union, said the president is focused on employment and that construction is the most scalable way to employ people.