Kazakhstan, Astana, Feb.24 /Trend T.Nurmagambetov/
The formation of the budget for 2013-2015 in Kazakhstan will be implemented using a new mechanism, vice-minister of Economic Development and Trade Abylkasymova Madina said at a meeting on the budget on Friday.
Appropriate changes were made to the Budget Code of Kazakhstan. In particular they relate to the division of powers between the Ministry of Economic Development and Trade (MEDT) and the Ministry of Finance (MOF) in the budget process and financial planning is also improved.
MEDT will develop a forecast of socio-economic development for five years, as well as review and coordinate government agency strategic plans. Definition of the limits of government borrowing as well as debt and state guarantees are to be part of the agency's remit.
Forecasting state and the national budget revenues and the national fund are to be included in the function of the Ministry of Finance. It will consider the budget requests of national administrators of budgetary programmes. The Ministry of Finance will also create a draft law on the national budget for the planned period and submit it to the government.