ASTANA, Kazakhstan, September 19. The Government of Kazakhstan approved the draft Budget Code in a new edition, Trend reports.
Minister of National Economy Alibek Kuantyrov presented the draft of the new Budget Code.
"A restriction has been introduced on the use of targeted transfers from the National Fund only for critical infrastructure. Relevant criteria have been introduced. Critical projects will include construction, such as a factory, which will provide jobs and additional taxes. Or life-supporting infrastructure. To country-wide – such as the "Comfortable Schools" project, when identical facilities are simultaneously built in several regions," he said.
In turn, Prime Minister of Kazakhstan Alikhan Smailov added that unified principles of the budget system have been established and a scheme of inter-budgetary relations has been built.
"A mechanism for saving oil revenues has been introduced. The new economic course outlined by the President of Kazakhstan Kassym-Jomart Tokayev in the address requires updating approaches to the formation and implementation of budget policy. In this regard, the new code ensures the consolidation of all financial flows of the state, strict compliance with budget rules and the accountability of quasi-public sector entities," Smailov said.
According to him, the budget code will become a framework and flexible document that defines the basis for the distribution of public finances.