Representatives of the Financial Sector Discuss Draft New Constitution with Members of the National Coalition
The leadership of the Agency for Regulation and Development of the Financial Market (ARDFM) took part in a meeting with members of the National Coalition and representatives of the financial sector to discuss amendments to the Constitution of the Republic of Kazakhstan initiated by the Head of State.
The meeting was attended by Madina Abylkassymova, Chairperson of the Agency for Regulation and Development of the Financial Market; Elena Bakhmutova, Chair of the Council of the Association of Financiers of Kazakhstan; Yerbol Omarkhanov, Chair of the Council of the Association of Microfinance Organizations of Kazakhstan; members of the National Coalition “For a People’s Constitution of a Just and Progressive Kazakhstan!”; as well as representatives of second-tier banks, the insurance and microfinance sectors, and the securities market.
Participants discussed the key provisions of the draft new Constitution, its significance for the country’s further socio-economic development, and the impact of the proposed constitutional amendments on the creation of a stable legal and institutional environment for the development of the financial sector. Particular attention was paid to strengthening the rule of law, protecting citizens’ rights, and improving the effectiveness of public administration.
In her welcoming remarks, Madina Abylkassymova noted that the new Constitution initiated by the Head of State enshrines the fundamental principles of Kazakhstan’s statehood — sovereignty, independence and territorial integrity. According to her, the document reflects the historical continuity of Kazakhstan’s statehood while establishing a modern legal framework for the country’s development.
The Constitution outlines the strategic vision of the Head of State’s political course and provides a long-term foundation for the country’s development. It represents not merely an update of the Basic Law but the formation of a modern institutional governance model based on the principles of justice, government accountability to society, and the protection of citizens’ rights and freedoms.
“In recent years, the Head of State has implemented large-scale political, economic and social reforms across all areas of public life. The country is undergoing a process of modernization in which the key principles of transformation include building a Just Kazakhstan, strengthening the principles of law and order, implementing the Taza Kazakhstan initiative, ensuring zero tolerance for offenses and corruption, and enhancing the accountability of the state to society.
All these principles and values guiding public institutions and society today have become an integral part of modern state policy and are reflected directly in the draft new Constitution,” Abylkassymova noted.
The head of the regulator also emphasized that the need to adopt a new Constitution is driven by contemporary changes in society and the economy.
“The new Basic Law enshrines provisions of significant importance for the country’s economic development. In particular, it establishes the constitutional status of the national currency and provides for the possibility of creating territories with a special financial regime aimed at attracting investment and stimulating economic growth. Legal certainty and the predictability of public policy form the foundation for a favorable investment climate, business development and long-term economic stability,” the Agency Chairperson emphasized.
In turn, Elena Bakhmutova, Chair of the Council of the Association of Financiers of Kazakhstan, stressed that such fundamental conditions as the rule of law, the stability of state institutions, regulatory transparency and the predictability of government policy are essential for the effective functioning of the financial system.
“In this context, institutional stability and the quality of the legal system are directly linked to the country’s investment climate. For investors — both domestic and international — the protection of property rights, the independence of the judiciary, transparency in decision-making and the stability of business regulations are of critical importance. These fundamental conditions build confidence in the economy and enable the attraction of long-term capital necessary for large-scale investment projects and sustainable economic growth,” Bakhmutova said.
Yerbol Omarkhanov, Chair of the Council of the Association of Microfinance Organizations of Kazakhstan, noted that the principles embedded in the draft new Constitution aim to establish a balanced and accountable system of governance based on justice, legality and responsibility.
“A stable and modern constitutional framework is of particular importance for the country’s financial and business sectors. It creates a predictable legal environment, promotes business development, strengthens investor confidence and provides conditions for sustainable economic growth,” Omarkhanov said.
During the meeting, representatives of the financial sector also exchanged views on the role of constitutional reforms in enhancing Kazakhstan’s investment attractiveness, strengthening financial stability and supporting the development of the national economy. It was noted that updating the constitutional framework represents an important step in further modernizing public administration and establishing effective institutions focused on the interests of citizens and the country’s sustainable development.
External Communications Directorate