"We are ready to help in the stabilization of the rate of the national currency, otherwise, Kazakhstan can lose reserves in three years", the head of the National Chamber of businessmen "Atameken", Kazakh billionaire Timur Kulibayev said in the meeting of management of Chamber.

"The current situation with an exchange rate of tenge is not the decision of specific people. All of us know that was reflected by prices of oil in the world market. We can't spend money of National Fund for simulated support of a course of the national currency. If the situation won't be changed by government, Kazakhstan can lose the reserves in three years. We have to understand that the devaluation of tenge can't be such high as we see today. We will discuss questions of stabilization of a rate of tenge with National bank and banks of the second level," Timur Kulibayev noted.

Son-in-law of Kazakh president Nursultan Nazarbayev added that it is important to find golden mean in the current economic situation not to eat up reserves of National fund.

According to Mr. Kulibayev, in such financial conditions when a business has serious problems with availability of financial resources, processing privatization seems the extremely difficult.

"If there is a company with positive experience and  a strong team which is financially disciplined, but with a lack of money, we have to allow it to privatize the particular facility. We tend to give them a chance to pay 25% from all stakes of shares. Then the National Chamber of Businessmen holds to accompany particular project till its full execution. "Atameken" already discussed this idea to the Head of state and the government," Mr. Kulibayev noted.

As earlier reported, The government of Kazakhstan approved privatization of 65 large companies in metallurgical, oil and gas, telecommunication, railway and aviation branches for 2016-2020. Kazakhstan is considering an IPO of seven largest companies such as "Kazzinc", oil and gas "KazMunaiGas", JSC "Kazpost", "Air Astana", national railway company "Kazakhstan Temir Zholy".

Kazakhstan enduring falling off the income because of the low prices of oil intends following the results of the implementation of the plan of privatization to reduce a share of the quasi-public sector of the organizations of republican property by 15%.

Photo: timeskz.kz