President Signed New Budget Code

The new budgetary document, consisting of seven key sections, aims to increase the independence of government agencies, Orda.kz reports, citing Aqorda.

The reform streamlines the budget process by reducing timelines and procedural steps. It introduces block budgeting elements, significantly expanding the authority and responsibility of budget program administrators.

Government agencies are now allowed to independently reallocate up to 15% of their budget program expenditures. Unused funds from the current year can be utilized by agencies starting from January of the following year.

Strengthened Parliamentary Oversight

The new Budget Code grants Parliament greater oversight of state finances.

Lawmakers will now have the authority to review limits on:

• State guarantees and government sureties
  
• Government and local executive debt levels
  
• External debt of quasi-governmental entities
  
• Reforms on National Fund Utilization

The document also sets new rules for using the National Fund, emphasizing its long-term savings function.

The use of the National Fund will be restricted by target benchmarks approved by the President. A ban has been introduced on placing fund assets in domestic financial instruments, preventing their off-budget use. The fund’s targeted transfers can only be allocated for financing critically important nationwide projects, with corresponding criteria now in place.

These changes are designed to ensure fiscal discipline, strengthen transparency, and enhance financial stability in Kazakhstan.

Original Author: Natalia Ovchinnikova