Kazakhstan has to create new model of economic growth – Tokayev
“The process of using the National Fund’s reserves and its low liquidity requires special attention. Some experts say that that the current practice of utilization of the National Fund’s reserves can mitigate the effectiveness of the Government’s economic policy due to presence of permanent financial source. In other words, the National Fund weakens the Government,” said Tokayev.
The Speaker noted that 46% of the national budget incomes come from the National Fund’s transfers and this fact proves significant dependence of the budget from oil revenues. “Meanwhile, the time of high oil prices is over and we need to learn to develop our economy in other conditions. We need to learn to live in market and competition conditions,” stressed he
In his words, the 3.0 Modernization of Kazakhstan initiated by the Head of State sets similar target. “Kazakhstan should continue lowering budget’s dependence on oil prices and improve tax administration process as well as ensure transition to optimal structure of budget expenses,” he added.