Impact of the oil sector on the financial security of the national economy

Abstract

This study examines aspects of the impact of the raw material orientation of the economy on maintaining
its financial security in the short and long term. Relevance of this topic is given by crisis phenomena
in the world and national economies, generated, first of all, by negative price conditions in the
world raw materials market. It is precisely in the conditions of the crisis that all the problems existing in
the state are most clearly manifested, the shortcomings of the system for ensuring the most important
area of national security – financial, are revealed. During such periods, authorities should attach particular
importance to the security issues of the state, organizations and citizens, develop effective tools
to eliminate emerging threats or mitigate their consequences. The current state of the National Fund of
the Republic of Kazakhstan activity has been analyzed in detail, since the dynamics of changes in the
volumes of assets and the level of the fund’s profitability reflect how effectively the government’s work is
organized in generation and using the state’s raw materials income, that ensures financial security for the
country with a raw material focus. It is concluded that the solution to the problem of financial security
of the Republic of Kazakhstan can be achieved only by consistently pursuing a policy to diversify the
economy, which will lead to a reorientation of income derived from commodity exports.