President of Kazakhstan Kassym-Jomart Tokayev instructed to prepare a new concept for public finance management. According to him, the Kazakh Government and the National Bank should deal with the task. To restore the assets of the National Fund, the implementation of the budget rule should be accelerated, the head of state stressed. The corresponding legislative amendments must be adopted by the end of this year. Thus, the country will create a set of rules for managing public finances, public debt, budgetary policy and the National Fund.
“Largely due to the low public debt and major reserves, Kazakhstan is relatively successful in overcoming the consequences of the pandemic. This is our major competitive advantage and now it is important to keep it up. However, recently there has been a tendency of increasing the budget deficit and transfers from the National Fund to cover expenditure obligations. It’s impossible to follow such an easy path all the time. The stock of financial stability has limits. Obviously, measures are needed to increase budget revenues. First of all, we need a control over the volume and efficiency of government spending,” said Kassym-Jomart Tokayev, President of Kazakhstan.
Speaking about the development of the economy, President also emphasized that today state-owned enterprises still dominate in many sectors of the country. He instructed to introduce the responsibility of the top managers for the losses of national companies. The head of state stressed that these problems have already begun to be addressed. In particular, the concept of public administration provides for measures to reduce the quasi-public sector, increase efficiency, transparency and accountability.
“The excessive presence of the state in the economy seriously hinders its growth and competitiveness, leads to corruption and illegal lobbying. State-owned enterprises still dominate many sectors and benefit from monOpoly privileges. The Supreme Council for Reforms has already approved a new privatization plan, now “strict control is needed.” Why do individual national companies and state-owned enterprises operate at a loss, and their top managers are not responsible for this? The government has to solve this problem,” said Kassym-Jomart Tokayev, President of Kazakhstan.
Today, President Kassym-Jomart Tokayev delivered an annual State of the Nation Address to Kazakh people. He raised the issues of various spheres and voiced the ways of their solutions.
Translation by Saule Mukhamejanova
Web-editor: Admin
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