As we know, the role of the fund in financing the country's economy is significant. There is a lot of discussion about the use of the fund during periods of crisis. The purpose of this post is to figure out how and where the funds are allocated from the fund to finance the country's economy. So, the fund was created in 2000 with the aim of reducing the dependence of the budget on fluctuations in world prices (stabilization function), as well as for the formation of savings (savings function). Within the framework of the stabilization function, guaranteed and targeted transfers to the Republican budget are allocated. The volumes of the guaranteed transfer are established by law for a period of 3 years, and the targeted transfer - by the presidential decree. Having analyzed the volumes of guaranteed transfers *, one can see that despite the nominal increase in volumes, their share of budget revenues remains approximately stable at the level of 20-25%. But in the future, this share is planned to be reduced to 18% by 2023 **. It should be noted that the volumes of the targeted transfer are usually aimed at “extinguishing the fires” of the economy, therefore the volumes are unstable, and in some years, they may not be allocated at all. In addition to transfers to the Republican budget, financing of the economy of Kazakhstan was also carried out through the purchase of bonds. Target strategic distribution of the shares of the savings portfolio: 60% - bonds, 30% - stocks, 10% - gold and alternative instruments ***. For example, the NBRK bought out bonds of national holdings (Samruk-Kazyna, Baiterek and KazAgro) from the National Fund. Which, in turn, redistributed funds to their subsidiaries. Funds allocated to holdings were not fixed and varied. Thus, the state uses the National Fund to finance the economy directly through transfers to the republican budget, and also indirectly financed through the purchase of bonds of national holdings. * for a 10-year period (2010-2019) ** According to the draft budget 2021-2023 *** According to the "Concept for the formation and use of funds of the National Fund of the Republic of Kazakhstan"