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Tuesday, November 13th, 2018

Ministry of Finance will monitor fulfillment of obligations for privatized objects by investors

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Ibraimov noted that today a lot of work is being done within the framework of the Comprehensive Privatization Plan for 2016�2020. An important step in the privatization process, he said, is post-privatization control.

We will surely monitor the fulfillment of the conditions that investors undertook under the purchase and sale agreement on privatized objects, said Ibraimov.

In addition, it was noted that of the 444 objects sold, about 36% were sold at auctions. The meaning of selling at auctions is the absence of any conditions: the one who gave the most money wins. In the remaining 64% of the cases, the assets were sold through tenders and other types of privatization. In accordance with the law on state property in the case of non-sale of objects at three auctions, the object is subject to liquidation.

If we put up for sale three times and could not find a buyer, it means the object is not in demand, explained Ibraimov, while recalling that privatization is carried out, first of all, to reduce state participation in the economy.

The elimination of unattractive objects is one of the tools to reduce state participation. Liquidation takes place in accordance with the Civil Code. The remaining property after liquidation is redistributed between other legal entities.

Also, according to the Ministry of Finance, today the participation of foreign investors in the Comprehensive Privatization Plan is 6%. As a whole, about 70 billion tenge was received from foreign investors. At the same time, Ibraimov believes that the share of participation of foreign investors should increase significantly.

In turn, the Vice Minister of Finance Berik Sholpankulov spoke about the ongoing work on the effective development of the budget in the future. According to him, the Ministry of Finance on a weekly basis runs an electronic online monitoring of the development of budget funds for each budget investment and expenditure.

Weekly we meet with government agencies on their problems in terms of disbursement. When clarifying the current budget, part of the expenses where there were risks of non-assimilation by the end of the year have already been reallocated. These funds were sent on initiatives and the Address of the Head of State. In general, complex problems have been analyzed and solved. In the future, we would like all state procurements of the upcoming periods for the next year to be announced from the moment the bill was sent to Parliament, which will significantly advance the process of public procurement and conclusion of contracts by five months from January. The money will be directed to the economy, concluded Sholpankulov.

Source: The Prime Minister of Kazakhstan

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