During the meeting, the Head of State listened to the information on implementation of the goals set for the country’s financial and fiscal system in the Address "Third Modernization of Kazakhstan: Global Competitiveness".
Nursultan Nazarbayev, noting the importance of increasing the country’s level of economic development, focused on fulfilling three key tasks.
- Firstly, it is necessary to raise revenues to the budget via cultivation of appropriate mechanisms. If necessary, foreign experience should be studied. Secondly, there is need for reducing government spending. Thirdly, it is necessary to use the allocated budget effectively. For the government, the efficiency of Finance Minister’s activities directly depends on how he performs these functions, the President of Kazakhstan said.
The Head of State stressed that in the conditions of economic recession and reduction of incomes, the Finance Ministry needs to work out additional mechanisms for replenishing the budget and ensure safe parameters of the state debt.
- The economic growth is mainly at the expense of the National Fund. Many organizations are only waiting for these funds for further development. The Finance Ministry should limit and control this process. We need to increase our National Fund, Nursultan Nazarbayev instructed.
Bakhyt Sultanov also reported to the Head of State on the steps being taken by the institution to preserve financial stability, fulfill social obligations, reduce inspections and reduce the burden on the business sector, improve the system of public procurement, and introduce preventive measures in the system of state audit.
