Functions of Council for management of Kazakh National Fund to be expanded
Given the adoption of the new Budget Code and the expansion of the Council’s powers, a new draft decree of the President of the Republic of Kazakhstan “On some issues of the Council for management of the National Fund of the Republic of Kazakhstan” has been developed, Kazinform News Agency reports.
The project is aimed at clarifying and adding the functions of the Council, which in turn will increase the efficiency of managing the National Fund's assets.
The composition of the Council and the procedure for managing the National Fund remain unchanged. However, the new draft Decree proposes to add the following functions:
- Developing proposals for determining the size of the guaranteed transfer from the Fund to the republican budget;
- Developing proposals for determining critically important objects and projects of national significance.
Currently, the activities of the Council for management of the National Fund of the Republic of Kazakhstan are regulated by the existing Decree No. 1509 of the President of the Republic of Kazakhstan “On some issues of the Council for managing the National Fund of the Republic of Kazakhstan” as of December 28, 2004.
In line with the current Budget Code, the development of recommendations to the President of the Republic of Kazakhstan on the use of the National Fund's assets is carried out by the Council in accordance with its Regulations.
Additionally, the trust management of the National Fund's assets is carried out by the National Bank of the Republic of Kazakhstan based on a trust management agreement made between the National Bank and the Government of the Republic of Kazakhstan.
The document is available on the website Otkrytye NPA for public discussion till March 19, 2025.
Earlier, President Kassym-Jomart Tokayev held a meeting with governor of Turkistan region Nuralkhan Kusherov.
