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Funds from Kazakhstan’s National Fund to be Invested in New Format

The National Bank of Kazakhstan has revealed its strategy for investing the National Fund's money in alternative instruments, emphasizing the gradual increase in money committed to that tranche of investments to $2.5 billion by 2025. This portfolio, launched in 2023, represents 3% of the total allocation of the savings portfolio and will be a key element of asset diversification. National Bank officials note that this decision came as part of a drive to balance the National Fund's assets and improve returns. This, in turn, contributes to additional diversification and mitigation of risks. The National Fund Management Concept to 2030, developed by the country's main bank and approved by president Kassym-Jomart Tokayev, defines strategic principles and approaches aimed at maximizing returns. It includes the use of defensive strategies, factor investing, and also pays attention to ESG (Environmental, Social & Governance) principles. The structure of the National Fund consists of a stabilization portfolio and a savings portfolio. While the former is invested in short-term government securities issued in developed economies, the latter is more diversified and includes a wide range of assets, including alternative instruments and a gold portfolio. The National Fund's assets currently stand at $60.7 billion, despite the withdrawal of 35.5 trillion tenge (~$77 million) over the past ten years, mostly during the pandemic.

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Turkmenistan’s Government Employees Should Know President’s Biography in Order to Pass Certification

According to a report by the Chronicles of Turkmenistan, the main questions asked to employees of state bodies in Turkmenistan during the attestation period are related to the president and his relatives. This year, employees of the Transport and Communications Agency, the Health and Medical Industry, the Ministry of Labor and Social Protection of the Population, the Ministry of Public Education, and the Turkmen Oil Concern were certified in Ashgabat. Reportedly, employees of these institutions were warned about the need to pass the certification, and people were prepared for questions about their profession and job responsibilities, with those who had bought a diploma and didn't have a deep understanding of their specialty especially worried. However, the examiners were not interested in the civil servants' professional knowledge, but in the biography of President Serdar Berdymukhamedov. People were asked where he was born and educated, what positions he held, his family members and the books he has purportedly written. Not all civil servants passed the certification. Managers have threatened to demote or cut their salaries of those who failed, whilst encouraging their employees to apply for recertification, the report stated.

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Kyrgyz Authorities Seeking Monopoly on Insurance, Industry Group Says

The Kyrgyz Association of Insurers is sounding the alarm that private insurance companies may soon be out of work due to government interference. According to a decree signed by Kyrgyz President Sadyr Japarov, all state bodies and local governments are now instructed to insure all their property with the State Insurance Organization (JSC SIO) in order to develop the national insurance market. "The Cabinet of Ministers of the Kyrgyz Republic will define JSC SIO as the national operator for reinsurance, including export risks, within the framework of cooperation with the Eurasian Reinsurance Company," the document says. The Kyrgyz Association of Insurers appealed to human rights activists to assist in protecting their interests. Private insurers are sure that the new law violates their rights and doesn't comply with Kyrgyzstan's current legislation. "According to insurers, the principles of entrepreneurial activity established by the legislation of the country, such as non-interference of state bodies in the activities of business entities, are violated. In addition, the state guarantees for the protection of the rights of entrepreneurs equal rights and opportunities to access financial resources -- as well as the creation of conditions for the protection and development of competition -- are being violated," - said the International Business Council, which was engaged by Kyrgyz private insurance companies on the matter. The current law "On Organization of Insurance in the Kyrgyz Republic" prohibits interference in insurance activities. Private insurance brokers and business owners argue that the state is playing an unfair game at the legislative level, forcing state-owned companies to insure their property with the SIO. Besides, the financial means to underwrite risk and pay out possible insurance claims are miniscule to the capitalization of private insurers. Last year, the authorities increased the capitalization of the SSO to 1 billion som, and this year they will allocate another 300 million som by presidential decree. "In the prescribed manner by 2027 to find and gradually allocate funds in the amount of 5 billion som to JSC "SIO" to increase the authorized capital... By 2027, the annual profit in the amount of 100 percent, received from the activities of JSC "SIO," will be directed to increase the authorized capital at the expense of the distribution of budget revenues and expenditures," the law reads. Today, 15 insurance companies, including SSS -- as well as several Chinese and Kazakhstani insurers -- operate in the Kyrgyz market. People familiar with the situation who spoke to The Times of Central Asia say most of the major national companies are already insured with SIO, meaning that only civil insurance lines -- like health and life -- and auto insurance remain for private insurers.

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Kazakhstan Debates Foreign Media Accreditation

Following their second reading, the Mazhilis (lower chamber of parliament) of the Republic of Kazakhstan has adopted the bills "On Mass Media" and "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan in the Field of Mass Media," sending them to the Senate for consideration. The documents are designed to regulate the professional activities of mass media outlets. The new amendments are evoking mixed reactions. One of the key proposals was the right of the Ministry of Foreign Affairs to deny accreditation to foreign media and their representatives if they pose a threat to national security. This initiative provoked opposition from representatives of the media, who consider such regulations a mechanism for suppressing freedom of speech. "The draft law proposes a regulation on the introduction of press cards, granting the right to simplified accreditation to individual journalists. Frankly speaking, this norm caused great controversy in the working group and society as a whole. The overwhelming majority of the working group members regarded this rule as one that contradicts democratic principles, discredits journalists, and hinders the comprehensive dissemination of information. Therefore, a specific decision was made on this: the rule on press cards was excluded," said Mazhilis representative, Zhanarbek Ashimzhanov, answering journalists' questions. Other changes proposed in the draft laws include combining online publications and news agencies into the category of "internet publications," as well as shortening the statute of limitations for journalist legal requests and setting shorter deadlines for responding to media inquiries. Among other rules, members of the Mazhilis also proposed introducing a ban on the publication of materials about LGBT themes and topics. These changes were critically evaluated by experts, and these regulations were not included in the final document as members of the working group concluded that it contradicts both Kazakhstani and international legislation.

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Kazakh News Publisher Says New Media Law Does Little for National Press

Kazakhstan's new law "On Mass Media," recently passed by its lower house of parliament (the Mazhilis), has agitated the country's reporters. In an interview with The Times of Central Asia, Dzhanibek Suleyev, the publisher of several news sites, remonstrates that the law should have been more supportive of the national press. An aspect of the law that has caused heated discussions is the Ministry of Foreign Affairs' new right to deny accreditation to foreign journalists "in case of a threat to the national security of the Republic of Kazakhstan." A few months ago the Ministry of Foreign Affairs didn't renew or refused to issue accreditation to 36 correspondents of the news website Azattyq, the Kazakh affiliate of the U.S. Government's Radio Free Europe/Radio Liberty (RFE/RL). No explanation was given for this rejection, and Azattyq has filed a lawsuit in court. Suleyev explained: "It is clear that the state wants to protect itself and society as much as possible from extremist publications and the spread of deviant morality, but what is proposed for those who simply do their work honestly, every day? We like to impose restrictions, but what about support? I think that if the state were to expand the field of cooperation, the press would be less critical." "Apparently, the state authorities have such an ambiguous opinion of Azattyq. In addition, the lack of accreditation clearly does not prevent 'going on the air,' the audience has access to the materials. I do not think that denial of accreditation to foreign media will become a mass phenomenon. The New York Times or leading sports publications and channels will hardly be denied accreditation. You have to understand that from the point of view of the state, there are ordinary media, and there are structures engaged in propaganda and counter-propaganda, and this should be taken into account," Suleyev explained. Suleyev said that the establishment of a one-year statute of limitations for media materials is a positive development, as it protects journalists' rights. It was initially proposed to set the term at three years from the date of publication. "It is good that it was reduced to a year, three years of limitation is the death of the publication. Of course, I would have liked to reduce the statute of limitations even further, but thanks for that. If journalists are always afraid of the court, how can they work? Because of the long statute of limitations, editorial offices need to keep archives, video, audio and documents, not everyone can do this. Besides, with a long statute of limitations, it is easier to settle scores with the press, to get unwanted people closed down," he said. Suleyev was happy to see more television programs in Kazakh. The new law aims to increase the amount of Kazakh-language and domestic content on television and radio. From 2025 at least 55% of TV and radio programs should be broadcast in Kazakh, rising to 60% from 2027. Retransmission of foreign TV and radio channels will be reduced to 10%...

Low-Income Kyrgyz Citizens Offered Financial Literacy Training

Kyrgyzstan's Ministry of Labor, Social Security and Migration has begun to provide training in financial literacy for low-income citizens from all over the country. Those wishing to participate in the state program known as "Social Contract" were offered free training on the basics of entrepreneurship, marketing and financial literacy. At the first lessons, participants were shown how to create business plans and approach marketing communications. Commented minister Gulnara Baatyrova: "For two years already, a program to support families in difficult economic situations has been implemented. Today, the most successful projects bring start-up entrepreneurs 40,000 som ($500) a month." This year the authorities intend to enter contracts with 20,000 families. Participants will receive $1,100 from the state budget to start their own businesses. Another 3,000 families will be financed using funds from the World Bank. The National Bank of Kyrgyzstan has been promoting a program of financial literacy, especially among children, for many years. Government officials conduct trainings and interactive programs across various media channels. "A person who manages his money manages his life. The family budget is a micro-projection of how things are done in business and the state. Everything should be taken into account, it is necessary to know your expenses and proportion them with income," reads a statement outlining the National Bank of Kyrgyzstan's mission.