The Senate, the Upper
House of the Kazakh Parliament, has reviewed a draft of the new Budget Code and
its accompanying law. This document aims to create a flexible budgeting system
that aligns with international standards and addresses modern challenges. The
goal is to enhance accountability and responsibility among all participants and
increase the transparency of the budget process. Additionally, the reform seeks
to shift from traditional budget management to a performance-based approach.
While Senate members supported the proposed laws, they provided specific
recommendations for improvement. With several amendments, both documents were
returned to the Mazhilis, the Lower House, for further revision. As the Senate
noted, these changes seek to foster regional development and ensure financial
independence.
«In general, the
adoption of the new Budget Code is the result of close and effective work of
the executive and legislative branches in implementing the Head of State's
directives. We hope that the laws considered today will enable the effective
execution of the state's fiscal policy and help achieve the goals outlined in the
country’s strategic documents,» said Senate Chairman Maulen Ashimbayev.
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