Kazakh President chairs session on draft republican budget for 2014-2016

The Head of State noted that the budget is set in order to achieve specific goals outlined in the Kazakhstan-2050 Strategy.

"It is necessary to use public funds effectively, increase the sources of budget revenues on a yearly basis. The draft budget has been drawn up to achieve the required parameters and will be submitted for the Parliament's consideration," said the Kazakh President.

During the session, Prime Minister Serik Akhmetov delivered a keynote speech and briefed those present on basic parameters of the republican budget for 2014-2016.

"The real growth of economy during this period is projected at the level of 6-7%. Given these indicators, the key parameters of the republican budget for 2014-2016 have been developed," explained Premier Akhmetov.

The Prime Minister also reported that within the framework of the concept of the new budget policy, the Government will preserve the key parameters of the National Fund.

Erbolat Dossayev, the Minister of Economy and Budget Planning, pointed out that the republican budget has been formed based on the principle of purposefulness and objectiveness of expenditures.

"We've revised the majority of state sectoral programs. Together with the Ministry of Finance this year we are conducting a monthly monitoring of use of budgetary funds. We are also looking into the measures to minimize the volume of unused funds to reach the required parameters. In addition, we've overhauled current expenses on allowance of the public bodies," said Minister Dossayev.

Minister of Finance Bolat Zhamishev added that tax revenues will hit the mark of 10.2% of GDP this and following year. Besides, he stressed that formation of the republican budget on the basis of the state sectoral programs will allow to plan state expenditures and estimate the eventual results.

The Kazakh leader emphasized that budgetary funds should be spent on the key parameters of the country's development only, i.e. securing economic growth and creating new jobs.

Nursultan Nazarbayev also underlined it was crucial to control spending of the public funds and their timely disbursement.

"On the whole, I approve the draft republican budget for 2014-2016. It is obvious Kazakhstan's GDP is to grow," added President Nazarbayev.

The Head of State gave a number of specific instructions on the problems discussed during the session and instructed to submit the draft republican budget for the Parliament's consideration.