Kazakhstan will increase the responsibility of the local executive authorities in relation to budget utilization. From now on, Governors will have to annually report to the Kazakh Parliament on how the allocated money is used. Kazakh Minister of National Economy Asset Irgaliyev presented the corresponding bill to the Mazhilis. Members of the Lower House supported this initiative. The document states that the head of the region should be directly responsible for the allocated funds. Moreover, according to the bill, each region has the opportunity to draw up its own budget plan in accordance with the peculiarities and specifics of the area. The minister also noted that the country will introduce a single chart of accounts from 2024. This will primarily combine accounting and budgeting into one system. As a result, the process of returning undisbursed funds to the treasury will become much easier.
“Also, in order to increase the efficiency of the use of budgetary funds, it is envisaged to return the amounts of targeted transfers that were not used for the purposes determined by law, based on the results of the audit report. The term for allocating a loan to local executive bodies to cover the local budget cash deficit is planned to be reduced from three years to six months. This should increase the interest of local executive bodies in increasing the revenue part of the local budget,” Irgaliyev said.
Translation by Saniya Sakenova
Editing by Galiya Khassenkhanova
Web-editor: Admin
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