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President of Kazakhstan instructed Ministry of Finance to reduce state spending

by April 24, 2017 Legal

During the meeting, the Head of State was provided with information on the implementation of the goals set for the financial and fiscal system of the country in the Address “Third Modernization of Kazakhstan: Global Competitiveness”.

N. Nazarbayev, noting the importance of increasing the level of economic development of the country, focused on the fulfillment of three main tasks.

“Firstly, it is necessary to increase revenues to the budget through the development of appropriate mechanisms. If necessary, foreign experience should be studied. Secondly, you need to reduce state spending. Thirdly, it is necessary to use the allocated budget effectively. For the state, the effectiveness of the Minister of Finance directly depends on how he performs these functions”, the President of Kazakhstan said.

The Head of State stressed that in the conditions of economic recession and reduction of incomes, the Ministry of Finance needs to work out additional mechanisms for replenishing the budget and ensure safe parameters of the state debt.

“The growth in the economy is mainly provided by the National Fund. Many organizations are only waiting for them to allocate funds for further development. The Ministry of Finance should limit and control this process. We need to increase our National Fund”, Nursultan Nazarbayev instructed.

B. Sultanov also reported to the Head of State on measures being taken by the Ministry to preserve financial stability, meet social obligations, reduce inspections and reduce the burden on the business sector, improve the system of public procurement, and introduce preventive measures into the system of the state audit.

Source: Kazakhtan 2050