Development and verification of the spending rule for the National Fund of Kazakhstan

Purpose- The article examines the key factors affecting use of National Fund Kazakhstan (NFK) in 2005-2017, as well development more effective methods and actions to improve its performance future. Methodology- study has developed a functional model transfers from it state budget (spending rule), which helps explain observed dynamics use. was examined by using dynamic panel estimation techniques. As result found that oil fund are dependent on economic activity, non-oil deficit inflation country. An econometric test confirmed correctness assumptions about used model. Findings- A multivariate forecast also made for NFK's assets period until end 2022. Upon favorable scenario, value will reach 57.5 billion US dollars at If world prices fall 68 50 per barrel remain this level, fund’s be exhausted 6-7 years. 30 dollars, then fund's last only 5 Conclusion- principles formation NFK should revised order ensure long-term preservation future generations originally planned. Keywords: Sovereign wealth funds, fund, asset management, JEL Codes: D25, D53, D58