Parliament passes law on transfer from the National Fund
The Parliament of Kazakhstan has adopted the Law of the Republic of Kazakhstan “On Guaranteed Transfer from the National Fund of the Republic of Kazakhstan for 2018-2020”.
The document was presented to the senators by Minister of National Economy Timur Suleimenov.
Thus, the bill approves the amount of guaranteed transfer from the National Fund of the Republic of Kazakhstan to the National Budget for 2018-2020.
In accordance with the Decree of the President of the Republic of Kazakhstan dated December 8, 2016 “On the Concept of Formation and Use of the Funds of the National Fund of the Republic of Kazakhstan”, starting from 2020, a guaranteed transfer to the National Budget will be fixed in absolute value in tenge and set in the amount of 2 trillion tenge. At the same time, in order to smoothly transition to the new rule, the amount of the guaranteed transfer from the National Fund to the National Budget will be gradually reduced: in 2018 – 2.6 trillion tenge, in 2019 – 2.3 trillion tenge, in 2020 and subsequent years – 2 trillion tenge,” � according to the conclusion of the Finance and Budget Committee of the upper house of Parliament.
It is noted that the amounts of the guaranteed transfer from the National Fund for the years 2018-2020 ensure fulfillment of the condition on the minimum balance of funds in the National Fund in the amount of 30% of the forecasted GDP at the end of the corresponding fiscal year.
In general, the adoption of the bill will ensure a balanced budget and fully finance the National Budget expenditures, including those aimed at improving economic activity and employment in the economy, � the document reads.
Source: Government of the Republic of Kazakhstan