ASTANA, Kazakhstan, March 15. President of Kazakhstan Kassym-Jomart Tokayev signed the Budget Code of the Republic of Kazakhstan, which brings innovations in the budget process and control over public debt, Trend reports.
The first block of innovations in the Code aims to establish a link between tax budget, monetary credit, and fiscal policies, which is ensured by provisions related to public finances.
The second block of innovations optimizes the budget process by increasing the autonomy and responsibility of state bodies. The timeframes and stages of the budget process have been shortened, and elements of a block budget have been introduced with significant expansion of the powers and responsibilities of budget program administrators.
State bodies are granted the right to independently reallocate funds up to 15 percent of the budget program's expenditure volume. Unused budget funds from the current year can be carried over for use by state bodies starting from January of the next year, ensuring continuous financing of expenditures.
The third block of innovations aims to strengthen parliamentary oversight. Limits on state guarantees, government guarantees, the limits of government debt, local executive body debt, and the external debt limits of quasi-state sector entities will be reviewed by the Kazakh Parliament and approved by the budget law.
The fourth block is focused on improving the quality of revenue planning in the budget and taking effective measures for the efficient use of budgetary funds. The Code establishes the basic provisions of the state's dividend policy concerning the quasi-public sector entities.
The fifth block establishes the conditions for using the National Fund, with an emphasis on its savings function. The use of the National Fund will be limited to target guidelines approved by the President. A ban has been introduced on placing the Fund's funds into domestic financial instruments, excluding their off-budget use. A targeted transfer from the National Fund can only be used for financing critically important projects and nationwide projects, with relevant criteria established.
The sixth block focuses on expanding control over the state's debt policy, including the debt of quasi-state sector entities. Authorized bodies will carry out forecasting, monitoring, and evaluation of the public sector's debt obligations. The limit on the external debt of the quasi-state sector will be set by the law on the republican budget.
The seventh block of amendments aims to improve inter-budgetary relations. To actively involve citizens in the process of budget distribution, the legislative foundation for a people's participation budget has been established.