Answering a question from a deputy at the plenary session of the Mazhilis about the reduction of dividends to the state budget from national companies, Prime Minister Olzhas Bektenov stated that national companies are directing large sums to the implementation of major investment and social projects in the regions, and as far as the transparency of spending is concerned, that point is now ensured by the current legislation.

"The questions of openness of the spending of the funds that national companies spend and channel into the economy, in our view, are assured. You know that within the new Budget Code adopted this year there is a provision jointly by the Government and deputies that the rate from dividend payments from each national company must be at least 50 % and up to 70%. Previously there was no such norm. This threshold was set by a Government resolution. We believe that this is a serious step toward openness, accountability, enhanced parliamentary oversight of the spending of national companies. The funds that remain at the disposal of national companies are also spent openly, under legally established procedures — there are procurement rules, and this information is attached to the Report on Implementation of the Republican Budget. Parliamentarians and the public therefore have the opportunity to review this information, ask questions and make adjustments. As for the specific sums you mentioned, indeed, that sum — the difference in dividends that will flow into the state budget — was formed by the Fund ‘Samruk-Qazyna’. But here I would like to give a number of figures: The Fund — as the key state development institution — is implementing a very large-scale investment programme, which is assessed at 53 trillion tenge. Huge sums. Of course, the Fund is obliged not only to invest its own funds to implement this investment programme but also to borrow in the market, which we consider normal. In addition to its investment programme, Samruk-Qazyna is implementing a whole series of social projects in various regions of the country. For example — only for the construction of healthcare facilities in various regions, 550 billion tenge is allocated; for the construction of rental housing across all regions of the country 272 billion tenge is allocated. So very large investments; therefore we believe that the decisions on dividends of Samruk-Qazyna, taking into account the factors I mentioned, are sufficiently measured and justified," Prime Minister Olzhas Bektenov answered .

#Olzhas Bektenov #Economy #Investments

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