Vice Minister of Finance of Kazakhstan DaurenKengbeil participated in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB) held from April 22 to 24, 2025, in Washington, D.C. (USA).
As a member of the Kazakh delegation, the Vice Minister Dauren Kengbeil, as Alternate Governor from Kazakhstan to the IMF, took part in a Swiss Constituency Meeting, as well as in a meeting with Bo Li, Deputy Managing Director at the IMF.
The agenda focused on economic development issues, and the enhancement of international cooperation to address current global economic challenges.
During the official IMF and WB events, DaurenKengbeil held a number of bilateral meetings with senior representatives of key international financial institutions and global investment companies. Special attention was given to expanding economic partnerships and advancing reform initiatives in Kazakhstan.
In a meeting with Antonella Bassani, Vice President WB for Europe and Central Asia, discussions centered on the Government of Kazakhstan’s priorities for the next five years in the framework of the development of a new Country Partnership Strategy for 2026-2030, and the implementation of prospective joint projects.
Dauren Kengbeil also held talks with Junaid Kamal Ahmad, Vice President of Operations, Multilateral Investment Guarantee Agency, and Wiebke Schloemer, Regional Director, International Finance Corporation (members of the WB Group). The parties expressed strong interest in expanding mutually beneficial cooperation and actively pursuing project implementation.
Current issues such as reducing borrowing costs and leveraging existing WB financial instruments, including financing in local currency, were discussed during a meeting with George Richardson, Director for Capital Markets and Investments, Treasury, WB.
Meetings with representatives of JP Morgan, Morgan Stanley, Fidelity Investment, Artisan Partners, and Schofield Group focused on current global capital market trends.
In discussions with leading international credit rating agencies – S&P and Fitch – both sides exchanged views on Kazakhstan’s macroeconomic outlook, ongoing economic reforms, and the broader international financial landscape.
Today in Brussels, the Minister of Finance of the Republic of Kazakhstan, Mr. Madi Takiyev met with the Deputy Prime Minister – Minister of Finance and Pensions of the Kingdom of Belgium, Mr. Jan Jambon.
During the meeting, Mr. Madi Takiyev congratulated Mr. Jan Jambon on his recent appointment to high public office and expressed confidence in his successful and productive work for the further strengthening of financial cooperation between the two countries.
Minister Takiyev emphasized Kazakhstan’s interest in expanding mutually beneficial partnerships and increasing the volume of bilateral trade.
The parties agreed to continue bilateral engagement and to sign a corresponding Memorandum of Cooperation between the Ministries of Finance.
During the meeting with the Deputy Chairman of the People's Bank of China, Mr. Lu Lei, the parties exchanged views on the current situation in international financial markets, the development of bilateral financial cooperation, and agreed to collaborate on the issuance of panda bonds in the Chinese market.
Mr. Kengbeil and the Vice President of the Export-Import Bank of China, Mr. Wang Kang, discussed the financing and implementation of investment projects in Kazakhstan, including the construction of a water pipeline from the K.I. Satpayev Canal to Astana with Pumping and Filtration Station №4, the development of new metro lines in Almaty, and the modernization of customs infrastructure at border checkpoints.
Additionally, the meeting with AIIB's Chief Investment Officer,
Mr. Konstantin Limitovskiy, focused on economic cooperation, the signing of a Framework Partnership Agreement, and the development of a new budget support program.
Following the meetings, the parties expressed confidence in the successful implementation of joint projects, the further development of partnerships, and the achievement of mutually beneficial goals.
The Republic of Kazakhstan has commenced a Public Expenditure and Financial Accountability (PEFA) assessment, and its climate dimension (PEFA Climate).
The goal is to enhance financial transparency, improve the efficiency of public financial management, and increase the country's overall investment attractiveness.
The PEFA assessment will provide the Government with an evaluation of the strengths and weaknesses of the national public financial management system and lay the groundwork for further reforms.
The assessment is being conducted with the support of the World Bank and the Asian Development Bank.
Adrian Fozzard, World Bank Institutions Practice Manager for Europe and Central Asia region, and Chekdem Akim, Director of the Public Sector Management Division of the Asian Development Bank, emphasized at the opening event the importance of the PEFA assessment. They noted the assessment demonstrates the effectiveness of the public finances management in the country and provides crucial information for international rating agencies and investors.
The modern methodology includes a climate assessment (PEFA Climate), which analyzes how public finances support a "green" economy and help the country adapt to climate change. The partners also highlighted the importance of implementing the assessment's recommendations going forward.
PEFA evaluates the entire public financial management system, including budgeting, expenditures, and auditing. Specifically, the assessment covers aspects such as financial reporting transparency, expenditure and revenue forecasting and planning, fiscal strategy, external control and audit, and climate expenditure assessment.
Given its key role in managing the public financial system, the Ministry of Finance is coordinating the PEFA assessment process.
During the kick-off seminar, Deputy Minister of Finance of the Republic of Kazakhstan, Dauren Temirbekov, stated: "In today’s world, investments come where there is the trust. Trust in economic policy, government institutions, and financial management. That is why the PEFA assessment plays a key role."
The assessment will also involve the Supreme Audit Chamber, the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan, the Bureau of National Statistics, and the Ministries of National Economy, Science and Higher Education, Education, Health, Agriculture, Water Resources and Irrigation, Ecology and Natural Resources, and Labor and Social Protection of the Population.
This year, the PEFA assessment will cover the period from 2022 to 2024. The last PEFA assessment for Kazakhstan was conducted in 2018.
Today, Minister of Finance of the Republic of Kazakhstan Madi Takiyev met with the new Head of the International Monetary Fund (IMF) Mission to Kazakhstan Ali Al-Eyd, who replaced Nicolas Blanchet in this post.
Madi Takiyev congratulated Ali Al-Eyd on her appointment and expressed gratitude for conducting regular missions under the IMF Articles of Agreement, targeted consultations and technical assistance to the government bodies of the Republic of Kazakhstan.
During the meeting, issues of IMF interaction with Kazakhstan were discussed, including through the Regional Center for Potential Development for the Caucasus, Central Asia and Mongolia in Almaty.
Press service of the Ministry of Finance
of the Republic of Kazakhstan
Minister of Finance of the Republic of Kazakhstan, Madi Takiyev held a meeting with Elisabeth Vitzthum, Board Director for Austria, Israel, Cyprus, Malta, Kazakhstan, Bosnia & Herzegovina.
The meeting discussed the overall priorities of cooperation between the Government of the Republic of Kazakhstan and the EBRD, as well as Kazakhstan’s participation in the EBRD Annual Meeting, scheduled to take place on May 13-15, 2025, in London, United Kingdom. Special attention was given to the prospects of an Investment Session for Kazakhstan.
Elisabeth Vitzthum highlighted Kazakhstan’s significant role as a key EBRD partner in Central Asia and expressed the Bank’s readiness to continue supporting strategic projects aimed at ensuring sustainable economic development.
Madi Takiyev emphasized the high importance of interaction with the EBRD, positively assessing the Bank’s contribution to implementing initiatives to attract investments and modernize the country’s infrastructure.
Following the meeting, the parties confirmed their readiness to further strengthen cooperation and emphasized the significant potential for implementing joint projects aimed at enhancing Kazakhstan’s investment attractiveness and economic growth.
The meeting was also attended by the EBRD Managing Director for Central Asia and Mongolia, Huseyin Ozhan and Deputy Head for Kazakhstan, Askar Namazbayev.
Press Service of the Ministry of Finance
of the Republic of Kazakhstan
Vice Minister of Finance, Deputy Governor of the Council of the Islamic Development Bank (IsDB) from the Republic of Kazakhstan Dauren Kengbeil participated in the consultative meeting of the IsDB Governors.
The main purpose of the meeting is to hold an open dialogue and exchange views of the IsDB Governors on defining a new strategic cycle for 2026-2035. The implementation period of the current strategy ends in 2025.
The results of the consultation meeting will be reviewed at the annual meeting of the IsDB Governors on May 19-22, 2025 in Algiers (People's Democratic Republic of Algeria).
During the visit, D. Kengbeil met with the President of the IsDB, Mohammed Al-Jasser, and the Parties discussed issues related to the development of bilateral cooperation between Kazakhstan and the IsDB. During the meeting with the Director General of the IsDB, Anasse Aissami, they discussed the implementation of a number of joint projects to modernize the country's water infrastructure.
Dauren Kengbeil noted that the IsDB is a strategic partner for the Republic of Kazakhstan and that work is currently underway to implement priority projects in the field of public infrastructure.
Dear taxpayers!
The State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan informs that by Order №619 dated September 11, 2024, the following changes and additions were made to the Rules for registration of the SNT and the statement of the ESF:
- voluntary use of product codes (GTIN or others);
- mandatory registration of SNT for the sale of liquefied petroleum gas from December 1, 2024;
- mandatory filling in the "Net weight" column in kilograms when importing/exporting goods within the EAEU from January 1, 2025 (before the specified date voluntarily);
- optimization of the SNT form: section K, consisting of subsections K, K1, K2, K3, K4, has been replaced with a new section (reduced by 29 graphs).
Other clarifications and editorial changes have also been made.
The change of the SNT form on the IS ESF web portal is planned for December 2024.
On the IS ESF test server https://test3.esf.kgd.gov.kz:8443 it is possible to familiarize yourself with the changed functionality and, if necessary, take these changes into account in your accounting systems.
The developer's kit (SDK with updates on the SNT form) is available for download on the KGD website https://kgd.gov.kz/ru/content/api-interfeys-elektronnye-scheta-faktury-1.
The user's guide can be found at the links https://kgd.gov.kz/ru/content/rukovodstvo-polzovatelya-1 . If you have any questions about changes in the SNT form, please contact us by e-mail esfsd@kgd.minfin.gov.kz or by phone number +7 (7172) 72-51-61.
Dauren Kengbeil provided an overview of the macroeconomic situation in Kazakhstan, the investment climate, budget policy plans, funding the country in domestic and foreign markets and borrowing for the coming years.
A group of investors noted the country’s strong reputation in the international arena, as well as favorable conditions for attracting investments from capital markets and an increase the amount of foreign direct investments in the economy.
Following the meeting, both sides expressed hope for continued mutually beneficial cooperation.
The President of the European Bank for Reconstruction and Development (EBRD), Ms. Odile Renaud-Basso, arrived in Astana today to participate in the Council of Foreign Investors chaired by the Head of State.
During the visit of Odile Renaud-Basso, the opening ceremony of the new EBRD office in Astana was held, which was attended by the Minister of Finance of the Republic of Kazakhstan Madi Takiyev.
The Finance Minister congratulated the EBRD on the opening of the new office and wished great success in its activities.
«Let this office become the center of new ambitious projects, important initiatives and joint achievements», said Madi Takiyev.
Also, as part of the opening of the new EBRD office, a Direct agreement to the PPP Agreement on the project «Construction and operation of a multidisciplinary regional hospital in Kokshetau with 630 beds» and a Loan agreement on the modernization of the tram fleet in Pavlodar were signed.