Abstract
In conditions of a sharp decrease in receipts in the republican budget, Kazakh's economy requires a set of measures to increase the assets of the oil fund, the quality of its management and the use of its assets. The current system for managing the accumulation and use of the oil fund is not sound, as evidenced by the continuing growth of transfers from the National Fund of Kazakhstan (NFK) to the republican budget. Currently, transfers from the National Fund to the budget have grown to almost 50% of all its revenues. This evidence means that while maintaining the observed trend, the assets of the fund may quickly run out shortly. For a fundamental change of the situation, we propose a new system of accumulation and use of the NFK. However, the accumulation in the oil fund natural rent from all extractive firms, and not only from oil and gas firms. The Parliament provides full control over the NFK' assets. The formation of its investment portfolio; the formation of a stabilization portfolio in the following ratios in the long-run: in bonds 45%, in stocks 30% and in treasury bills 25%; spending stabilization and investment portfolios only in the number of annual rents and investment incomes obtained, respectively.