By the end of 2025, share of state participation in economy to be reduced to 14% of GDP — Zhamaubayev

The Ministry of Finance of the Republic of Kazakhstan, together with relevant state bodies, is implementing an action plan to counter the shadow economy. This was reported by Minister of Finance Yerulan Zhamaubayev at the government session chaired by Prime Minister Askar Mamin.

So, among the measures to increase budget revenues for 2021-2022, the following were listed:

  • implementation of an action plan to counter the shadow economy and illegal trade at the state borders;
  • improvement of the national system of traceability of goods;
  • modernization of customs infrastructure with the introduction of digital solutions;
  • expansion of the pilot for horizontal monitoring of large business;
  • strengthening interaction with foreign tax administrations;
  • improvement of transfer pricing legislation;
  • consideration of the issue of lifting the moratorium on inspections of unscrupulous micro and small businesses.

Within the framework of the instruction on the development of the Concept for the management of public and quasi-public debt, the activities will be coordinated taking into account the work already carried out by government agencies.

It is proposed to define the following measures as the main approaches of the Concept:

  • gradual reduction of the RB deficit to limit the growth of public debt and maintain it at a safe level;
  • establishing key indicators of debt sustainability;
  • careful selection of projects to achieve maximum economic effect, etc.

The Ministry has strengthened control over the timely implementation of the Comprehensive Privatization Plan for 2021-2025.

For this, approaches have been developed to the implementation of objects, according to which 50% of objects should be exhibited in the current year, 30% in 2022 and 10% each in 2023 and 2024.

In addition, Roadmaps for the implementation of each object of the Comprehensive Plan were developed and entered into the Register of State Property.

In turn, in order to strengthen responsibility for the implementation of the privatization plan, when assessing the activities of akimats, national managing holdings and companies, it is proposed to take into account its implementation. The proposed measures will make it possible by the end of 2025 to reduce the share of state participation in the economy to 14% of GDP.

“Along with this, it is proposed to provide normatively the responsibility of the top managers of the companies of the quasi-public sector. Responsibility will be provided for failure to achieve strategic indicators in development plans, including for the admission of losses for companies in the quasi-public sector,” the Minister of Finance noted.

The work on the development of the information system of state planning will be continued. Within the framework of the project, the module "State investment projects" will be implemented, which is intended for the formation and coordination with government agencies of project documentation for state investment projects.

For the automatic generation of public procurement plans, the integration of the state planning information system with the public procurement portal will be implemented.

In addition, according to government procurement data, it is planned to determine median prices and implement a reference book of cost standards. Based on these data, it is planned to set up formatting and logical control in the system.

For the effective planning and use of funds by administrators of budget programs, it is necessary to use the results of the system "Monitoring the effectiveness of state support measures." The Ministry of Finance believes that one of the most effective mechanisms to control the volume and efficiency of government spending is to ensure operational budget monitoring. It is aimed at achieving direct and final results, provided for in strategic and program documents. This will make it possible to make timely management decisions, including the necessary measures to prevent violations.

“In order to spread new budgeting practices for the participation of the population in the management and control of public finances, appropriate amendments will be made to the regulatory legal acts. The amendments will make it possible to increase the share of ‘people's participation’ in the budget for improvement and housing and communal services by 10 times,” Zhamaubayev said.

In turn, involving the population in the process of making budget decisions will ensure:

  • transparency of the process;
  • Strengthening of citizens' confidence in local authorities;
  • raise awareness and financial literacy of the population;
  • will provide joint responsibility for the quality and careful operation of infrastructure facilities.

In this regard, the necessary funds for the implementation of the measures of the President's Address will be worked out jointly with the administrators of budget programs.

Stay updated about the events of the Prime Minister and the Government of Kazakhstan - subscribe to the official Telegram channel