Kazakhstan starts climate-responsive Public Expenditure and Financial Accountability assessment

Kazakhstan started the assessment of public spending, financial accountability and its climate dimension (PEFA Climate), which will help increase the transparency of public finances and the investment attractiveness of the country,El.kz reports citing the Kazakh Ministry of Finance.

The purpose of the study is to assess the strengths and weaknesses of the public finance management system and to formulate recommendations for further reforms. The project is implemented with the support of the World Bank and the Asian Development Bank.

According to head of the World Bank's Global Practice for Public Administration in the Europe and Central Asia region, Mr. Adrian Fozzard, the PEFA assessment plays a key role for international rating agencies and investors, as it shows how effectively a country manages budget funds.

In addition, PEFA Climate examines how public finances support environmental sustainability and help the country adapt to climate change.

Vice Minister of Finance Dauren Temirbekov stressed that investments come to countries where there is trust in economic policies and institutions, so PEFA is the most important tool for the formation of a transparent financial system.