Kazakhstan, Astana, Feb. 2 / Trend L. Podolayk /
The Kazakh President signed a law on the National Welfare Fund, aimed at improving the fund's legal structure organisations within its group, the presidential press service said today.
The new law aims at improving the order of interaction, determining the powers of the government and the fund, increasing the effectiveness in strategic planning and monitoring key indices of the fund's activity and its subsidiaries, as well as procurement.
Moreover, the law fixes the interaction mechanism between the Fund and the Accounts Committee on controlling the execution of the Republican budget.
According to the law, a representative of the Accounts Committee should sit on the Specialised Committee under the fund's board of directors. It will also include representatives of other state regulatory and law enforcement agencies. This will ensure the control of not only the state, but commercial funds (income from commercial activity) of any of the fund's companies.
Funds allocated by the state from the national budget will be checked by the Accounts Committee in accordance with the existing order and budget code.
The bill on National Welfare Fund was developed as a result of Kazakh President Nursultan Nazarbayev's order on June 28, 2011.