Ministry of Finance to Withdraw Idle Funds From Accounts of State Companies
Photo: elements.envato.com
Kazakhstan’s Ministry of Finance has introduced new rules for the redistribution of state funds. Under them, the ministry will be able to withdraw money from the accounts of quasi-state companies and akimats if the funds remain unused for a long time. Deputy Finance Minister Erzhan Birzhanov explained how the mechanism will work, Orda.kz reports.
According to Birzhanov, all procedures are carried out within the law and do not depend on subjective decisions.
There is definitely no manual regulation or subjective factor. All procedures and rules are based on the Budget Code, which clearly regulates interbudgetary relations.he said.
At the same time, Birzhanov confirmed that the Ministry of Finance monitors account balances and can redirect funds to areas where they are more needed.
If there are large balances in the accounts, we will regulate their allocation — for example, for construction or other administrators. We will not allow state money to simply remain frozen. Why should the state borrow if there are already unused funds somewhere? Our task is to make money work effectively. the deputy minister said.
He added that monitoring is carried out on a daily basis.
Original author: Alina Elgeldina
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