A so-called ‘oil rent’ will be introduced in Kazakhstan starting from next year. The first US$150 will be transferred to the accounts of Kazakh children in January 2024. Each baby will automatically receive a dollar-denominated account at birth under the new program ‘National Fund for Children’. It will be provided annually from the National Fund and replenished with state revenues from oil sector. The amount of the payments will change every year depending on the investment income of the National Fund, Vice Minister of Finance Dauren Temirbekov said. Thus, on average, by reaching the age of majority, young Kazakh citizens will have about US$3,500 in their accounts. These funds can be used to pay for higher education, both domestic and foreign, as well as for the purchase of housing in Kazakhstan.
