Samruk-Kazyna CEO Akhmetzhan Yessimov held an extended conference meeting. During the meeting, the brief results of the outgoing year were summed up and the main focus for 2021 was outlined - the transition to the format of an investment holding.
According to the head of the Fund, due to the double shock associated with the pandemic and the fall in oil prices, the country's economy has suffered significant negative consequences. Nevertheless, according to A. Yessimov, in these conditions the Fund has successfully implemented measures to strengthen the financial stability of companies. According to him, the measures implemented since 2018 helped to withstand the crisis and minimize the negative impact.
In particular, the Fund repaid USD8 bln of external debt, thereby eliminating the exchange rate risk of KZT1 trln. The annual demand for foreign currency has been reduced by KZT269 bln. These reserves made it possible to withstand the impact of the first wave of the pandemic, ensuring the smooth operation of the enterprises of the Fund's group. At the same time, up to 95% of the net income of subjects of the quasi-public sector falls to the share of Samruk-Kazyna.
In March-April of this year, the second stage of work to optimize costs for another 429 bln was implemented, and the active implementation of the Digital Transformation Program and the use of IT technologies in the work began.
These measures, according to A. Yessimov, allowed the group to create a certain margin of safety in the crisis period, to prevent production stoppages, reductions in production personnel and to keep salary payments. Note that Samruk-Kazyna is one of the largest employers in the country - about 300 thousand employees.
Akhmetzhan Yessimov also outlined the main focus of 2021 - the transformation of the Fund into an investment holding by 2024. According to him, the transition to the role of an investment holding poses many new tasks that the Fund has already begun to fulfill.
For example, this year, the activities of Samruk-Kazyna were taken into account by SWFI in the formation of the top 10 most innovative funds, according to the UN report, Samruk-Kazyna entered the top 20 leading funds in the world. In November of this year, the Fund received the maximum possible 10 points in the transparency rating of sovereign wealth funds.
The head of the Fund noted that the transition to the investment holding format means increased transparency in the distribution of investments and new approaches to business processes.
At the end of his speech, A. Yessimov instructed to start developing a plan for the transition to a new format from the beginning of the new year.