Kazakhstan has to create new model of economic growth – Tokayev

ASTANA. KAZINFORM Kazakhstan will have to create a new model of economic growth, Chairman of the Senate Kassym-Zhomart Tokayev has said it at the parliamentary hearing on "Balanced and Transparent Budget - Pledge of Successful and Stable Socio-Economic Development of the Country."    

“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.