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Kazakhstan has good fiscal regulatory framework - IMF official

Kazakhstan Materials 8 February 2023 11:45 (UTC +04:00)
Kazakhstan has good fiscal regulatory framework - IMF official
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, February 8. Kazakhstan is provided with a fairly good regulatory framework for planning and budget execution, Sagé De Clerck, Senior Economist at the Fiscal Affairs Department of International Monetary Fund (IMF), said, Trend reports, citing the press service of the Ministry of National Economy of Kazakhstan.

The statement was made in the framework of the meeting with the Minister of the National Economy of Kazakhstan, Alibek Kuantyrov.

Based on the completion of the mission, the IMF experts consider that Kazakhstan possesses a solid legal foundation for budget planning and execution. They also note that macroeconomic forecasts are quite reasonable and timely.

The IMF mission, however, notes that the consolidated financial statements do not fully cover data on the quasi-public sector, debt, guarantees, and contingent liabilities for public-private partnership projects.

According to them, this would allow for better management of financial risks. In addition, the US-based financial institution recommends improving fiscal rules.

The draft report on the mission results will be provided in 45 days.

The IMF mission continued for two weeks and was focused on studying fiscal projection and budgeting, budget reporting fiscal risk analysis and management, as well as resource revenue management.

Earlier, the Vice Minister of National Economy of Kazakhstan Azamat Amrin said that recommendations of the IMF will be used to improve of the fiscal policy, including the development of the Budget and Tax Codes.

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