Government of Kazakhstan to review the effectiveness of budget expenditures of all state bodies
As it is known, the tasks for macroeconomic stability are defined in the framework of the third priority of the President’s Address.
“A key objective is to restore the incentive role of monetary policy and increase the participation of private capital in financing the economy. The Head of State instructed to achieve gradual reduction of inflation to 3-4% in the medium term,” B.Sagintayev said.
In addition, it is necessary to develop a set of measures to improve the health of the banking sector and capital market development. The President instructed the National Bank and the Government to take measures to ensure the availability of medium- and long-term funding in tenge.
Talking about improving the effectiveness of budget expenditures, the Prime Minister instructed to analyze the budgets of all state bodies, starting with the ministries of labor and social protection of population, health, education and science.
“As a result of this work, we will make a decision on the reallocation of funds from ineffective programs on the new initiative, which will provide the implementation of the tasks on the third modernization,” stressed the head of the Cabinet.
Premier instructed to continue a policy of fiscal decentralization in order to simplify budgetary procedures. Ministries of National Economy and Finance and the National Bank need to develop a complex of measures. It is necessary to adhere to the approved Concept for the use of the National Fund.
Ministries of National Economy and Finance were instructed to carry out optimization of existing tax incentives with the goals and objectives of the new model of economic growth, work out measures to improve tax administration.
“The President demanded to restore order for the attraction of foreign and domestic loans of quasi-public sector. In this regard, the Ministry of Finance should build an appropriate system for monitoring and control,” B. Sagintayev said.
Source: The Prime Minister of Kazakhstan