The government also plans to reduce the use of the National Fund's transfers to 2.4 trillion tenge from 4.5 trillion tenge in the next three years.

The three-year bonds worth 12.5 billion tenge ($28.8 million) were auctioned at full issue price on the Kazakhstan Stock Exchange (KASE).

IMF projects 3.7 percent economic growth this year that will converge to its potential over the medium term.

Gross domestic product (GDP) grew by 2.4 percent year-on-year in January-October. In nominal terms, the GDP reached 143.3 billion rubles ($58.1 billion).

The funds will cover payments for Russian equipment and services under the project, as well as part of the costs in Uzbekistan.