Kazakhstan to strengthen National Fund’s savings function

Kazakhstan to strengthen National Fund’s savings function

Savings functions of the Kazakhstan National Fund are planned to be strengthened, said Kazakh Deputy Finance Minister Tatyana Savelyeva at a plenary session of the Senate. Today the Government and the Accounts Committee for Control over Execution of the Republican Budget presented reports for 2019 in the Upper House of the Kazakh Parliament.

“The National Fund received a total of 4.5 trillion tenge (US$11.1 billion). At the end of 2019, the Fund's assets amounted to 27.5 trillion tenge (US$67.9 billion). It has become customary to finance the priority areas of the budget mainly through transfers from the National Fund. In this regard, the savings functions of the Fund are expected to be strengthened at the legislative level,” said Tatyana Savelyeva.

She added that the dividend policy of the quasi-public sector entities changed as well. Members of the Kazakh Parliament offered the innovations earlier. Such companies will provide dividends to the state budget starting this year.

“Starting this year, the quasi-public sector entities provide dividends to the state budget for 2019 in the amount of up to 100 percent of their net income. As part of measures to strengthen control over the use of budgetary funds, work has begun on the return of unused balances in the accounts of quasi-state entities to the budget income. As of June 1, 8.6 billion tenge (US$21.2 million) was returned to the state budget,” highlighted the minister.

 

Photo: turkystan.kz