The Commission for monitoring the resources expenditure from the National Fund has resumed its work in Kazakhstan
In Kazakhstan, the Commission for monitoring the resources expenditure from the National Fund has resumed its work. Initially, since its establishment in 2014, it functioned under the aegis of the National Bank of Kazakhstan, and since 2020, its executive body has been the Supreme Audit Chamber.
Currently, in accordance with the instructions of the President of the Republic of Kazakhstan, the Commission's activities are being resumed in an updated format with a new composition. After a long break, on February 21 of this year a meeting was held at the Supreme Audit Chamber, chaired by Alikhan Smailov.
The meeting was attended by officials from the Executive office of the President, the National Bank, the Prosecutor General’s Office, Anti-Corruption Agency, the Financial Monitoring Agency, National Security Committee, Ministries of Finance and National Economy, Deputies from the Mazhilis and Senate of the Parliament, etc.
President Kassym-Jomart Tokayev emphasized once again the special role and importance of the National Fund in his message to the people last September.
"The National Fund’s resources should primarily serve the interests of our state and be used to achieve strategic goals, rather than servicing foreign financial institutions. The National Fund is a crucial instrument for ensuring long-term macroeconomic stability, so its management must be effective," - said the President.
During the meeting, the head of the Commission Alikhan Smailov noted that the approaches to monitoring the legality and efficiency of the National Fund expenditures would be updated.
"We need to restart the work of the Commission. We must qualitatively consolidate interdepartmental competencies and clearly define areas of responsibility for overseeing the effective and targeted use of National Fund’s resources," said Alikhan Smailov.
He added that public attention to the rational use of fund resources is increasing. This is also related to the launch of the presidential program "National Fund – to the Children."
"Transfers from the National Fund should secure an economic return. These funds cannot be spent on insignificant goals. This task was set by the Head of State," emphasized the Chairman of the Supreme Audit Chamber.
According to him, the tasks for the upcoming period will include:
- Conducting an audit of the funds allocated from the National Fund to support the economy on favorable terms;
- Forming proposals for the redistribution of National Fund resources to more priority areas or their return.
As part of the meeting, participants discussed issues of updating of the Commission's composition, the regulation of its activities in the new format, improving the quality of conclusions, and other matters.
For reference: The Commission for monitoring the resources expenditure from the National Fund of Kazakhstan is an advisory and consultative body. It was established by the President of Kazakhstan’s Order in 2014.