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  • President of Kazakhstan instructed Ministry of Finance to reduce state spending
24 April, 2017 18:01

President of Kazakhstan instructed Ministry of Finance to reduce state spending

President of Kazakhstan Nursultan Nazarbayev held a meeting with Finance Minister Bakhyt Sultanov, Akorda's press service reported.
President of Kazakhstan instructed Ministry of Finance to reduce state spending | Strategy2050.kz

During the meeting, the Head of State was provided with information on the implementation of the goals set for the financial and fiscal system of the country in the Address "Third Modernization of Kazakhstan: Global Competitiveness".

N. Nazarbayev, noting the importance of increasing the level of economic development of the country, focused on the fulfillment of three main tasks.

"Firstly, it is necessary to increase revenues to the budget through the development of appropriate mechanisms. If necessary, foreign experience should be studied. Secondly, you need to reduce state spending. Thirdly, it is necessary to use the allocated budget effectively. For the state, the effectiveness of the Minister of Finance directly depends on how he performs these functions", the President of Kazakhstan said.

The Head of State stressed that in the conditions of economic recession and reduction of incomes, the Ministry of Finance needs to work out additional mechanisms for replenishing the budget and ensure safe parameters of the state debt.

"The growth in the economy is mainly provided by the National Fund. Many organizations are only waiting for them to allocate funds for further development. The Ministry of Finance should limit and control this process. We need to increase our National Fund", Nursultan Nazarbayev instructed.

B. Sultanov also reported to the Head of State on measures being taken by the Ministry to preserve financial stability, meet social obligations, reduce inspections and reduce the burden on the business sector, improve the system of public procurement, and introduce preventive measures into the system of the state audit.

Photo from akorda.kz

chronicle 2050

SMEs will make up at least 50% of the GDP

abour productivity will reach up to $126 000 and 3 to 6 y.o. kids will have 100% access to pre-school education in Kazakhstan.

Kazakhstan will fully satisfy its own market of POL in compliance with the new environmental standards

The share of non-primary exports in total exports will double and triple by 2040

Transition to Latin graphics will commence

95% of the population will speak Kazakh

15% of the area under cultivation will make use of water-saving technologies.

The issue of providing water for irrigation will be resolve

GDP per capita will stand at $60 000

The urban population will represent 70% of the total population in Kazakhstan