Kazakhstan's Ak Zhol wants to make top mangers of CAPF and Medical Insurance Fund financially responsible
ALMATY. April 26 (Interfax) - The Ak Zhol faction has suggested making top managers of the Common Accumulative Pension Fund (CAPF) and the Social Health Insurance Fund (SHIF) fiscally responsible for the efficient use of assets.
"We propose that CAPF and SHIF submit their investment programs and performance reports for approval to parliament as part of the adoption of the national budgeting program, disclose the structure of the investment portfolio and projected short and medium term profitability of selected instruments on their websites and make their managers fund financially responsible," Majilis deputy Ekaterina Nikitinskaya said in parliament.
She questioned the effectiveness of the CAPF investment policy.
"In 2016, the management of pension assets ensured a yield of 7.95% with inflation of 8.5%, or a direct loss coupled with toxic assets in the investment portfolio. At the same time, debts on default securities are very slow to pay off and principal amounts on problem bonds are simply written off," she said.
"There is a high risk of these fund assets being used to mend budget holes and line the pockets of corrupt officials," she said.