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About law of RK “About amendments in some legislative acts of RK as per improving the budget legislation”

Head of State signed on Nov.30th 2017 draft of Law of RK “About amendments in some legislative acts of RK as per improving budget legislation” (hereinafter – Law), developed for execution of item 34 and 46 of the National plan on execution of orders of the Head of state given in the message to the population of Kazakhstan dated Jan.31st 2017 “Third modernization of Kazakhstan: global competitiveness”.

The law considers corrections as per following directions:

  1. Reducing agreement documents between central authorities and regions, controlling budget programs will be done without extra agreement processes

Simplifying planning of the administrative expenses.

In the result, at the central and local level reducing over 1,5 thous.documents

  1. Expanding independence as per execution of the budget programs at the central and local levels which will allow more qualitatively spend the funds
  2. Reducing periods of preparation of the projects of Public private partnerships from 7 to 3 months

In result, the procedures with Public private partnerships will become short and accessible for business and will consider branch specifics.

  1. Within the frame of new Concept of formation and usage of the National fund, increasing the role of indicator of non oil deficiency through its approval in the law about republican budget.
  2. Implementing mechanism of using remaining funds from the accounts of quasi public sector, which was earlier allocated form the budget. For preventing accumulation of the balance, the funds for filling of the registered capital will be allocated state by stage.
  3. Implementing prohibition for forecasting administrative fines, penalties, sanctions.

For improving control, implementing treasury monitoring of the budget investment projects.