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National Bank to allocate 200 billion tenge to support enterprises affected by quarantine restrictions

Wednesday, 02 September 2020, 10:36:00

At the government session chaired by Prime Minister Askar Mamin, measures to implement the Address of the Head of State Kassym-Jomart Tokayev to the people of Kazakhstan "Kazakhstan in a New Reality: Time for Action” dated Sep. 1, 2020, were considered. Chair of the National Bank Erbolat Dossaev and Minister of Finance Yerulan Zhamaubayev made reports.

In order to implement the Address of the Head of State to the people of Kazakhstan, the National Bank will take the following measures.

According to an earlier order from the President, a Monetary Policy Strategy until 2030 is being developed. It will take into account the instructions voiced in the Address to increase the efficiency and transparency of the policy. The approval of the Strategy is planned after the adoption of the updated Strategic Plan for the development of the country until 2025.

To improve the efficiency of the implementation of monetary policy and stabilize the foreign exchange market, together with the Government, additional measures will be worked out to return foreign exchange earnings to the country and favorable conditions will be created for its implementation by exporters.

“The Monetary Policy Strategy until 2030 will also take into account the creation of a Monetary Policy Committee at the National Bank, whose main task will be to make strategic decisions on the size of the base rate and its corridor. In the medium term, it will include independent members. Corresponding changes will be made to legislative acts by the end of 2020,” Dossaev said.

In order to restore economic growth, on behalf of the Head of State, an additional 200 billion tenge will be allocated to support enterprises in the sectors most affected by the consequences of the crisis. The list of industries will be determined by the Government in conjunction with the Atameken National Chamber of Entrepreneurs. The National Bank's concessional lending program will be increased to 800 billion tenge and extended until the end of 2021. 

The Ministry of Finance is taking the following measures to ensure the immediate execution of the President's orders.

Concerning the Unified Law on Procurement of the Quasi-Public Sector. A draft law "On procurement of individual subjects of the quasi-public sector" has been submitted to the Government. The bill is aimed at increasing the transparency and openness of procurement by transferring all 100% of the procedures to electronic format.

To conduct all regulated purchases through a Single Window. In 2019, the portal "One-stop procurement" was created on the basis of existing procurement sites. Atameken was determined as the operator of the Single Window.

At the same time, for the full functioning of the Single Window, integration with the procurement sites of subsoil users and natural monopoly entities is required.

“Regarding the exemption of SMEs from lease payments, joint work is underway to amend the Lease Rules to exempt SMEs from lease payments by the end of this year. It is planned to conclude appropriate additional agreements with SMEs on objects of republican and communal property. In the quasi-public sector, it is necessary to make a decision by their governing bodies to exempt SMEs from lease payments,” said the minister of finance.

As part of the fight against the shadow economy, the Ministry of Finance, together with other government agencies, is carrying out a set of measures. The plan for counteracting the shadow economy will be updated and the legislation regarding money transfers to offshore jurisdictions will be improved.

The ministry will implement the FATF recommendations in terms of: 

  • introducing a ban on the opening and presence of foreign accounts for government officials and persons of the quasi-public sector, and their families;
  • legislative consolidation of the right of tax authorities to obtain information about the ultimate beneficiaries from business entities. 

It is planned to analyze information about the financial accounts of residents of the country as part of the exchange of information between the tax authorities of the OECD countries. Along with this, the work on digitalization of tax and customs administration has been intensified.

Astana-1 is functioning, a system of electronic invoices and a virtual warehouse has been launched. A pilot on the labeling of tobacco and alcoholic products is being conducted, an online cash register is introduced. The discrepancy between customs statistics on imports from the PRC has been reduced due to the integration of systems.

A project is underway to modernize auto and railway checkpoints. As for the activities of the Economic Investigation Service, within the framework of comprehensive operational and preventive measures, it will be reoriented to:

  • illegal circulation of oil and oil products,
  • excisable products;
  • illegal capital outflow;
  • embezzlement and waste of budgetary funds, including in the quasi-public sector;
  • tax evasion;
  • statements of fictitious invoices.

Financial support of the instructions of the Head of State, voiced at yesterday's Address to the people of Kazakhstan, will be carried out:

  • when specifying the current and next years;
  • during the discussion of the draft budget for 2021-2023.

“When clarifying the republican budget for 2020, it is planned to finance the costs of incentive bonuses for health workers, the construction of pre-fabricated infectious diseases hospitals, medical services within the guaranteed volume of medical care and the purchase of medicines. The amount of expenses for the implementation of the President's Address measures will be worked out jointly with the administrators of budget programs,” added Zhamaubayev in conclusion.

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