Qaraganda Region: Debt Audit Reveals 2.2x Growth Over Five Years

An audit of government debt management by local executive bodies has been conducted in the Qaraganda region, Orda reports.

The inspection revealed that the debt volume increased 2.2 times over the past five years. 2020 proved particularly problematic.

During the coronavirus pandemic, local authorities exceeded the debt limit by 3.8 billion tenge.

While the overall debt burden today is assessed as manageable, despite the favorable dynamics, the peak burden on the budget for repayment will fall in 2031 — 21.7 billion tenge across 20 agreements. Overall, of the total principal debt as of January 1, 2024, 60.4% is due for repayment between 2030 and 2043, the Supreme Audit Chamber reported on the review's findings.

The Supreme Audit Chamber also inspected utility companies.

It was found that Teplotransit Qaraganda LLP is operating at a loss and risks not fulfilling its loan obligations.

Meanwhile, at Qaragandy Su LLP, profits were distributed among participants while the company took budget loans and kept free funds in deposits.

Violations were also found in the Shakhter Football Club, managed by the Qaraganda region's Akimat. The sports organization had accumulated years of debt in salaries, taxes, and other payments.

The audit identified violations amounting to nearly 5.3 billion tenge. The Audit Commission has issued directives for their correction.

Original Author: Artyom Volkov