2000-01-24 Kazak Politics & MacroEconomics - 1999 Gold, Silver Production Rises
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1999 Gold, Silver Production Rises
Kazakhstan saw an increase in gold and silver production in 1999, Interfax reported, citing the Statistics Agency. Last year, the refined silver output reached 645,606 kg, a 20% increase over 1998. December’s refined silver production totalled 60,850 kg, an increase of 8% from November and up 28% from December 1998. The output of refined gold in 1999 totalled 9,604 kg, an 8% increase as compared to 1998. Gold output in December was 1,147 kg, a 40% increase from November and up 74% from December 1998. (Golden Eagle Partners)
PM Tries to Allay Fears about Pension Funds
Prime Minister Kasymzhomart Tokaev led a discussion on pension reforms at a government session in Astana. The Kazakhstani prime minister attempted to abate public worries about the future of the pension system by saying that “the government will make no changes to, or retreats from, the ongoing pension reforms.” He further noted that the government would continue to co-operate with the World Bank on the matter.
Tokaev stated that the State Pension Fund will retain its officials status and may be privatised only after several years, provided that its share of the pension savings market drops below 30%. He asserted that a decrease in the market share of the state fund is natural, as depositors are entitled to take their pension savings to private funds. The prime minister insisted that the government is committed to making sure that all pension deposits are placed into stable investments. He reminded officials that pension savings can only be invested upon the consent of depositors.
After coming down on the Minister of Labour and Social Protection, Nikolay Radostovets, for his recent comments about the pension system, the Cabinet of Ministers praised him for his efforts to straighten out the process of giving individual social codes to individual holders of pension funds. They noted that this had been done in the interest of the depositors. (Golden Eagle Partners)