President instructs to develop public finance management concept
«Mainly thanks to the low state debt and considerable reserves Kazakhstan is relatively doing well in tackling the pandemic. That is our serious competitive advantage and it should not be wasted. However, there have been recently increases in the budget deficit and transfers from the National Fund,» said Tokayev, while addressing the nation.
He pointed out that the financial sustainably is limited, calling for measures to increase budget revenues.
«First of all, there should be control over the amount and efficiency of public expenditures. To restore the National Fund’s assets the introduction of budget rules needs to be accelerated,» he noted.
The Kazakh President urged to adopt the corresponding legislative amendments by the end of the year.
«In general, the country needs a body of rules to manage public finance, State debt, budgetary policy, and the National Fund,» said the Kazakh President, instructing the Government and National Bank to develop a public finance management concept by the yearend.
President of Kazakhstan Kassym-Jomart Tokayev is delivering his yearly State-of-the-Nation Address to the people of Kazakhstan.
The Kazakh President’s speech is broadcast on Khabar, Khabar TV, Qazaqstan, Almaty TV, Astana TV, Atameken, Eurasian, Channel 31, Channel 7, KTK, CTB, and MIR as well as on a number of leading radio stations of the country.