{"id":16131,"date":"2026-06-30T20:41:04","date_gmt":"2026-06-30T15:41:04","guid":{"rendered":"https:\/\/fpl.kz\/?p=16131"},"modified":"2026-06-30T20:49:33","modified_gmt":"2026-06-30T15:49:33","slug":"fund-of-problem-loans-presents-practical-experience-in-distressed-asset-restructuring-at-the-10th-ipaf-training-seminar","status":"publish","type":"post","link":"https:\/\/fpl.kz\/?p=16131&lang=en","title":{"rendered":"Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar"},"content":{"rendered":"\t\t
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Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As part of the 10th Training Seminar of the International Public Asset Management Companies Forum (IPAF), held in Ulaanbaatar, Arman Karatayev, representative of JSC «Fund of Problem Loans», delivered a presentation on portfolio performance management and monitoring the outcomes of distressed asset restructuring.<\/p>

The presentation focused on the Fund’s practical approaches to distressed asset recovery, the development of restructuring mechanisms, and the assessment of their economic and social impact. Particular attention was paid not only to the financial aspects of managing distressed debt, but also to the broader contribution of restructuring to enhancing business sustainability and restoring economic activity.<\/p>

During the presentation, it was emphasized that modern distressed asset management practices extend far beyond merely modifying the terms of a loan agreement. Effective restructuring is viewed as a tool for restoring an enterprise’s ability to generate cash flow, meet its obligations, preserve jobs, and continue its investment activities.<\/p>

Seminar participants were introduced to the Fund’s comprehensive restructuring toolkit, which is applied based on the borrower’s profile and recovery potential. As highlighted during the presentation, restructuring is not limited to individual measures but represents a multi-layered system of integrated solutions.<\/p>

At the first level, cash flow relief instruments are applied, including the extension of repayment terms, the provision of grace periods, adjustments to repayment schedules, reduction of interest burden, and the waiver of penalty charges. These measures enable borrowers to stabilize liquidity and gain the time necessary to restore their operating activities.<\/p>

Where financial difficulties are more severe, measures aimed at restructuring the debt structure are applied, including partial debt write-offs, restructuring of obligations, assignment of claims, and the conclusion of settlement agreements. Depending on the specific circumstances, these instruments are combined to address the particular characteristics of each borrower and maximize the effectiveness of the decisions taken.<\/p>

Particular attention during the presentation was devoted to the Fund’s restructuring decision-making framework. It was emphasized that the key factor for successful restructuring is not merely the availability of a broad range of instruments, but the quality of the decisions made. For this reason, the Fund’s restructuring process is based on the principles of multi-stage assessment and cross-functional oversight.<\/p>

The decision-making process begins either with a request from the borrower or through internal early warning indicators, such as deteriorating financial performance or payment delays. This is followed by a comprehensive business assessment, an analysis of the causes of financial distress, an evaluation of the project’s viability, and an assessment of the prospects for restoring its debt-servicing capacity.<\/p>

At the next stage, an individual restructuring model is developed and undergoes an independent review by the Fund’s risk management, legal, and security divisions. The final decision is made by the authorized collegiate body, providing an additional level of institutional accountability and ensuring the objectivity of the decision-making process.<\/p>

A separate part of the presentation was devoted to post-restructuring performance monitoring. The Fund’s work does not end with the signing of a restructuring agreement with the borrower. Subsequent monitoring is regarded as an independent stage of asset management, enabling the timely identification of emerging risks, assessment of compliance with agreed financial obligations, and, where necessary, prompt adjustment of further actions.<\/p>

The Fund applies a systematic approach to monitoring payment discipline, borrowers’ financial condition, compliance with covenants, and the status of collateral. At the same time, broader restructuring outcomes are also assessed, including job preservation, tax revenues, and the impact of implemented projects on the development of individual industries and regions.<\/p>

The practical part of the presentation featured several case studies demonstrating different approaches to distressed asset recovery. It illustrated that restructuring instruments are selected based on the nature of the borrower’s financial difficulties and the economic characteristics of each individual project.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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One of the case studies focused on a major agro-industrial holding company, for which the Fund developed a comprehensive restructuring program taking into account the seasonal nature of its business. By aligning the repayment schedule with the company’s revenue cycles, providing a three-year grace period, and reducing the interest rate, the Fund succeeded in stabilizing the company’s financial position, preserving more than 3,000 jobs, and creating conditions for its further development, including investments in dairy production.<\/p>

The second case study presented the Fund’s crisis response mechanism for supporting the agricultural sector during the climate shock of 2023. Faced with a sharp decline in crop yields, the Fund, in cooperation with government authorities, implemented a package of emergency measures, including payment deferrals and targeted restructuring. These measures made it possible to support the sowing campaign across approximately 260,000 hectares, preserve more than 2,000 jobs, and maintain the resilience of agricultural production.<\/p>

Another case study that attracted particular interest concerned the transfer of a distressed infrastructure asset to a strategic investor. The example demonstrated that, in certain cases, the greatest impact can be achieved not by modifying the terms of indebtedness, but by transforming the asset’s future development model. This approach made it possible to recover the value of the distressed asset, create the conditions for the implementation of a new investment project, and support the further development of tourism infrastructure.<\/p>

In concluding the presentation, it was emphasized that effective distressed asset management today is aimed not only at debt recovery, but also at preserving economically viable enterprises, supporting employment, and creating conditions for sustainable business development. Such an approach makes it possible to achieve financial results while delivering broader socio-economic benefits.<\/p>

To date, the Fund’s corporate borrowers have contributed more than KZT 14 billion in tax revenues to the state budget. At the same time, the measures implemented by the Fund have helped preserve more than 9,000 jobs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar As part of the 10th Training Seminar of the International Public Asset Management Companies Forum (IPAF), held in Ulaanbaatar, Arman Karatayev, representative of JSC \"Fund of Problem Loans\", delivered a presentation on portfolio performance management and monitoring the outcomes of distressed asset restructuring. The presentation focused on the Fund's practical approaches to distressed asset recovery, the development of restructuring mechanisms, and the assessment of their economic and social impact. Particular attention was paid not only to the financial aspects of managing distressed debt, but also to the broader contribution of restructuring to enhancing business sustainability and restoring economic activity. During the presentation, it was emphasized that modern distressed asset management practices extend far beyond merely modifying the terms of a loan agreement. Effective restructuring is viewed as a tool for restoring an enterprise's ability to generate cash flow, meet its obligations, preserve jobs, and continue its investment activities. Seminar participants were introduced to the Fund's comprehensive restructuring toolkit, which is applied based on the borrower's profile and recovery potential. As highlighted during the presentation, restructuring is not limited to individual measures but represents a multi-layered system of integrated solutions. At the first level, cash flow relief instruments are applied, including the extension of repayment terms, the provision of grace periods, adjustments to repayment schedules, reduction of interest burden, and the waiver of penalty charges. These measures enable borrowers to stabilize liquidity and gain the time necessary to restore their operating activities. Where financial difficulties are more severe, measures aimed at restructuring the debt structure are applied, including partial debt write-offs, restructuring of obligations, assignment of claims, and the conclusion of settlement agreements. Depending on the specific circumstances, these instruments are combined to address the particular characteristics of each borrower and maximize the effectiveness of the decisions taken. Particular attention during the presentation was devoted to the Fund's restructuring decision-making framework. It was emphasized that the key factor for successful restructuring is not merely the availability of a broad range of instruments, but the quality of the decisions made. For this reason, the Fund's restructuring process is based on the principles of multi-stage assessment and cross-functional oversight. The decision-making process begins either with a request from the borrower or through internal early warning indicators, such as deteriorating financial performance or payment delays. This is followed by a comprehensive business assessment, an analysis of the causes of financial distress, an evaluation of the project's viability, and an assessment of the prospects for restoring its debt-servicing capacity. At the next stage, an individual restructuring model is developed and undergoes an independent review by the Fund's risk management, legal, and security divisions. The final decision is made by the authorized collegiate body, providing an additional level of institutional accountability and ensuring the objectivity of the decision-making process. A separate part of the presentation was devoted to post-restructuring performance monitoring. The Fund's work does not end with the signing of a restructuring agreement with the borrower. Subsequent monitoring is regarded as an independent stage of asset management, enabling the timely identification of emerging risks, assessment of compliance with agreed financial obligations, and, where necessary, prompt adjustment of further actions. The Fund applies a systematic approach to monitoring payment discipline, borrowers' financial condition, compliance with covenants, and the status of collateral. At the same time, broader restructuring outcomes are also assessed, including job preservation, tax revenues, and the impact of implemented projects on the development of individual industries and regions. The practical part of the presentation featured several case studies demonstrating different approaches to distressed asset recovery. It illustrated that restructuring instruments are selected based on the nature of the borrower's financial difficulties and the economic characteristics of each individual project. One of the case studies focused on a major agro-industrial holding company, for which the Fund developed a comprehensive restructuring program taking into account the seasonal nature of its business. By aligning the repayment schedule with the company's revenue cycles, providing a three-year grace period, and reducing the interest rate, the Fund succeeded in stabilizing the company's financial position, preserving more than 3,000 jobs, and creating conditions for its further development, including investments in dairy production. The second case study presented the Fund's crisis response mechanism for supporting the agricultural sector during the climate shock of 2023. Faced with a sharp decline in crop yields, the Fund, in cooperation with government authorities, implemented a package of emergency measures, including payment deferrals and targeted restructuring. These measures made it possible to support the sowing campaign across approximately 260,000 hectares, preserve more than 2,000 jobs, and maintain the resilience of agricultural production. Another case study that attracted particular interest concerned the transfer of a distressed infrastructure asset to a strategic investor. The example demonstrated that, in certain cases, the greatest impact can be achieved not by modifying the terms of indebtedness, but by transforming the asset's future development model. This approach made it possible to recover the value of the distressed asset, create the conditions for the implementation of a new investment project, and support the further development of tourism infrastructure. In concluding the presentation, it was emphasized that effective distressed asset management today is aimed not only at debt recovery, but also at preserving economically viable enterprises, supporting employment, and creating conditions for sustainable business development. Such an approach makes it possible to achieve financial results while delivering broader socio-economic benefits. To date, the Fund's corporate borrowers have contributed more than KZT 14 billion in tax revenues to the state budget. At the same time, the measures implemented by the Fund have helped preserve more than 9,000 jobs.<\/p>\n","protected":false},"author":1,"featured_media":16123,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[908],"tags":[],"class_list":["post-16131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-relations-en"],"blocksy_meta":[],"yoast_head":"\nFund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar - \u0410\u041e "\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432"<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fpl.kz\/?p=16131&lang=en\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar - \u0410\u041e "\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432"\" \/>\n<meta property=\"og:description\" content=\"Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar As part of the 10th Training Seminar of the International Public Asset Management Companies Forum (IPAF), held in Ulaanbaatar, Arman Karatayev, representative of JSC "Fund of Problem Loans", delivered a presentation on portfolio performance management and monitoring the outcomes of distressed asset restructuring. The presentation focused on the Fund's practical approaches to distressed asset recovery, the development of restructuring mechanisms, and the assessment of their economic and social impact. Particular attention was paid not only to the financial aspects of managing distressed debt, but also to the broader contribution of restructuring to enhancing business sustainability and restoring economic activity. During the presentation, it was emphasized that modern distressed asset management practices extend far beyond merely modifying the terms of a loan agreement. Effective restructuring is viewed as a tool for restoring an enterprise's ability to generate cash flow, meet its obligations, preserve jobs, and continue its investment activities. Seminar participants were introduced to the Fund's comprehensive restructuring toolkit, which is applied based on the borrower's profile and recovery potential. As highlighted during the presentation, restructuring is not limited to individual measures but represents a multi-layered system of integrated solutions. At the first level, cash flow relief instruments are applied, including the extension of repayment terms, the provision of grace periods, adjustments to repayment schedules, reduction of interest burden, and the waiver of penalty charges. These measures enable borrowers to stabilize liquidity and gain the time necessary to restore their operating activities. Where financial difficulties are more severe, measures aimed at restructuring the debt structure are applied, including partial debt write-offs, restructuring of obligations, assignment of claims, and the conclusion of settlement agreements. Depending on the specific circumstances, these instruments are combined to address the particular characteristics of each borrower and maximize the effectiveness of the decisions taken. Particular attention during the presentation was devoted to the Fund's restructuring decision-making framework. It was emphasized that the key factor for successful restructuring is not merely the availability of a broad range of instruments, but the quality of the decisions made. For this reason, the Fund's restructuring process is based on the principles of multi-stage assessment and cross-functional oversight. The decision-making process begins either with a request from the borrower or through internal early warning indicators, such as deteriorating financial performance or payment delays. This is followed by a comprehensive business assessment, an analysis of the causes of financial distress, an evaluation of the project's viability, and an assessment of the prospects for restoring its debt-servicing capacity. At the next stage, an individual restructuring model is developed and undergoes an independent review by the Fund's risk management, legal, and security divisions. The final decision is made by the authorized collegiate body, providing an additional level of institutional accountability and ensuring the objectivity of the decision-making process. A separate part of the presentation was devoted to post-restructuring performance monitoring. The Fund's work does not end with the signing of a restructuring agreement with the borrower. Subsequent monitoring is regarded as an independent stage of asset management, enabling the timely identification of emerging risks, assessment of compliance with agreed financial obligations, and, where necessary, prompt adjustment of further actions. The Fund applies a systematic approach to monitoring payment discipline, borrowers' financial condition, compliance with covenants, and the status of collateral. At the same time, broader restructuring outcomes are also assessed, including job preservation, tax revenues, and the impact of implemented projects on the development of individual industries and regions. The practical part of the presentation featured several case studies demonstrating different approaches to distressed asset recovery. It illustrated that restructuring instruments are selected based on the nature of the borrower's financial difficulties and the economic characteristics of each individual project. One of the case studies focused on a major agro-industrial holding company, for which the Fund developed a comprehensive restructuring program taking into account the seasonal nature of its business. By aligning the repayment schedule with the company's revenue cycles, providing a three-year grace period, and reducing the interest rate, the Fund succeeded in stabilizing the company's financial position, preserving more than 3,000 jobs, and creating conditions for its further development, including investments in dairy production. The second case study presented the Fund's crisis response mechanism for supporting the agricultural sector during the climate shock of 2023. Faced with a sharp decline in crop yields, the Fund, in cooperation with government authorities, implemented a package of emergency measures, including payment deferrals and targeted restructuring. These measures made it possible to support the sowing campaign across approximately 260,000 hectares, preserve more than 2,000 jobs, and maintain the resilience of agricultural production. Another case study that attracted particular interest concerned the transfer of a distressed infrastructure asset to a strategic investor. The example demonstrated that, in certain cases, the greatest impact can be achieved not by modifying the terms of indebtedness, but by transforming the asset's future development model. This approach made it possible to recover the value of the distressed asset, create the conditions for the implementation of a new investment project, and support the further development of tourism infrastructure. In concluding the presentation, it was emphasized that effective distressed asset management today is aimed not only at debt recovery, but also at preserving economically viable enterprises, supporting employment, and creating conditions for sustainable business development. Such an approach makes it possible to achieve financial results while delivering broader socio-economic benefits. To date, the Fund's corporate borrowers have contributed more than KZT 14 billion in tax revenues to the state budget. At the same time, the measures implemented by the Fund have helped preserve more than 9,000 jobs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fpl.kz\/?p=16131&lang=en\" \/>\n<meta property=\"og:site_name\" content=\"\u0410\u041e "\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432"\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-30T15:41:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-30T15:49:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fpl.kz\/wp-content\/uploads\/2026\/06\/izobrazhenie_2026-06-30_204502022.png\" \/>\n\t<meta property=\"og:image:width\" content=\"995\" \/>\n\t<meta property=\"og:image:height\" content=\"642\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"eugene\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u041d\u0430\u043f\u0438\u0441\u0430\u043d\u043e \u0430\u0432\u0442\u043e\u0440\u043e\u043c\" \/>\n\t<meta name=\"twitter:data1\" content=\"eugene\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u041f\u0440\u0438\u043c\u0435\u0440\u043d\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u0434\u043b\u044f \u0447\u0442\u0435\u043d\u0438\u044f\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 \u043c\u0438\u043d\u0443\u0442\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fpl.kz\/?p=16131&lang=en#article\",\"isPartOf\":{\"@id\":\"https:\/\/fpl.kz\/?p=16131&lang=en\"},\"author\":{\"name\":\"eugene\",\"@id\":\"https:\/\/fpl.kz\/#\/schema\/person\/435550bbba1ed2c8d5c19331af627fad\"},\"headline\":\"Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar\",\"datePublished\":\"2026-06-30T15:41:04+00:00\",\"dateModified\":\"2026-06-30T15:49:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fpl.kz\/?p=16131&lang=en\"},\"wordCount\":975,\"publisher\":{\"@id\":\"https:\/\/fpl.kz\/#organization\"},\"image\":{\"@id\":\"https:\/\/fpl.kz\/?p=16131&lang=en#primaryimage\"},\"thumbnailUrl\":\"https:\/\/fpl.kz\/wp-content\/uploads\/2026\/06\/izobrazhenie_2026-06-30_204502022.png\",\"articleSection\":[\"International relations\"],\"inLanguage\":\"ru-RU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fpl.kz\/?p=16131&lang=en\",\"url\":\"https:\/\/fpl.kz\/?p=16131&lang=en\",\"name\":\"Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar - 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\u0410\u041e "\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432"","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fpl.kz\/?p=16131&lang=en","og_locale":"ru_RU","og_type":"article","og_title":"Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar - \u0410\u041e "\u0424\u043e\u043d\u0434 \u043f\u0440\u043e\u0431\u043b\u0435\u043c\u043d\u044b\u0445 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432"","og_description":"Fund of Problem Loans Presents Practical Experience in Distressed Asset Restructuring at the 10th IPAF Training Seminar As part of the 10th Training Seminar of the International Public Asset Management Companies Forum (IPAF), held in Ulaanbaatar, Arman Karatayev, representative of JSC \"Fund of Problem Loans\", delivered a presentation on portfolio performance management and monitoring the outcomes of distressed asset restructuring. The presentation focused on the Fund's practical approaches to distressed asset recovery, the development of restructuring mechanisms, and the assessment of their economic and social impact. Particular attention was paid not only to the financial aspects of managing distressed debt, but also to the broader contribution of restructuring to enhancing business sustainability and restoring economic activity. During the presentation, it was emphasized that modern distressed asset management practices extend far beyond merely modifying the terms of a loan agreement. Effective restructuring is viewed as a tool for restoring an enterprise's ability to generate cash flow, meet its obligations, preserve jobs, and continue its investment activities. Seminar participants were introduced to the Fund's comprehensive restructuring toolkit, which is applied based on the borrower's profile and recovery potential. As highlighted during the presentation, restructuring is not limited to individual measures but represents a multi-layered system of integrated solutions. At the first level, cash flow relief instruments are applied, including the extension of repayment terms, the provision of grace periods, adjustments to repayment schedules, reduction of interest burden, and the waiver of penalty charges. These measures enable borrowers to stabilize liquidity and gain the time necessary to restore their operating activities. Where financial difficulties are more severe, measures aimed at restructuring the debt structure are applied, including partial debt write-offs, restructuring of obligations, assignment of claims, and the conclusion of settlement agreements. Depending on the specific circumstances, these instruments are combined to address the particular characteristics of each borrower and maximize the effectiveness of the decisions taken. Particular attention during the presentation was devoted to the Fund's restructuring decision-making framework. It was emphasized that the key factor for successful restructuring is not merely the availability of a broad range of instruments, but the quality of the decisions made. For this reason, the Fund's restructuring process is based on the principles of multi-stage assessment and cross-functional oversight. The decision-making process begins either with a request from the borrower or through internal early warning indicators, such as deteriorating financial performance or payment delays. This is followed by a comprehensive business assessment, an analysis of the causes of financial distress, an evaluation of the project's viability, and an assessment of the prospects for restoring its debt-servicing capacity. At the next stage, an individual restructuring model is developed and undergoes an independent review by the Fund's risk management, legal, and security divisions. The final decision is made by the authorized collegiate body, providing an additional level of institutional accountability and ensuring the objectivity of the decision-making process. A separate part of the presentation was devoted to post-restructuring performance monitoring. The Fund's work does not end with the signing of a restructuring agreement with the borrower. Subsequent monitoring is regarded as an independent stage of asset management, enabling the timely identification of emerging risks, assessment of compliance with agreed financial obligations, and, where necessary, prompt adjustment of further actions. The Fund applies a systematic approach to monitoring payment discipline, borrowers' financial condition, compliance with covenants, and the status of collateral. At the same time, broader restructuring outcomes are also assessed, including job preservation, tax revenues, and the impact of implemented projects on the development of individual industries and regions. The practical part of the presentation featured several case studies demonstrating different approaches to distressed asset recovery. It illustrated that restructuring instruments are selected based on the nature of the borrower's financial difficulties and the economic characteristics of each individual project. One of the case studies focused on a major agro-industrial holding company, for which the Fund developed a comprehensive restructuring program taking into account the seasonal nature of its business. By aligning the repayment schedule with the company's revenue cycles, providing a three-year grace period, and reducing the interest rate, the Fund succeeded in stabilizing the company's financial position, preserving more than 3,000 jobs, and creating conditions for its further development, including investments in dairy production. The second case study presented the Fund's crisis response mechanism for supporting the agricultural sector during the climate shock of 2023. Faced with a sharp decline in crop yields, the Fund, in cooperation with government authorities, implemented a package of emergency measures, including payment deferrals and targeted restructuring. These measures made it possible to support the sowing campaign across approximately 260,000 hectares, preserve more than 2,000 jobs, and maintain the resilience of agricultural production. Another case study that attracted particular interest concerned the transfer of a distressed infrastructure asset to a strategic investor. The example demonstrated that, in certain cases, the greatest impact can be achieved not by modifying the terms of indebtedness, but by transforming the asset's future development model. This approach made it possible to recover the value of the distressed asset, create the conditions for the implementation of a new investment project, and support the further development of tourism infrastructure. In concluding the presentation, it was emphasized that effective distressed asset management today is aimed not only at debt recovery, but also at preserving economically viable enterprises, supporting employment, and creating conditions for sustainable business development. Such an approach makes it possible to achieve financial results while delivering broader socio-economic benefits. To date, the Fund's corporate borrowers have contributed more than KZT 14 billion in tax revenues to the state budget. 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