Kazakhstan, World Bank sign memos on understanding and transparency

(gazeta.kz) - Two memorandums on mutual understanding and extractive industries transparency were signed during a two-day visit of Karim Massimov, Vice Prime Minister of RK, to Washington, DC, Prime Minister's press service told.

The press service explained that the measures provided by the documents must increase the competitiveness of the Kazakhstani economy, improvement of the efficiency of the state finance management and the transparency of payments and profits of the extractive industries by means of active implementation of the EITI.

As per the memorandums, the government of Kazakhstan in co-operation with the World Bank is going to compile annual reports on the state finance management in order to provide diagnostics of the efficiency and transparency of the state expenditures. In the first place it is planned to analyse the state budget management in the healthcare and education of RK, reports Trend.

The government of RK also undertakes to implement all aspects of the EITI, including full participation of the extractive companies (oil, gas, and mining), provision of credible reliable accounting information, stable financing of the EITI implementation, and so on. The World Bank will provide technical aid and consultations.

Kazakhstan joined the EITI in October 2005. Presently 46 companies operating in RK participate in the EITI and the government proposed to other 166 ventures to join.

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