Kazakhstan introduced mechanism for saving oil revenues - Alikhan Smailov

At a meeting of the Government of the Republic of Kazakhstan chaired by Prime Minister Alikhan Smailov, the draft of the country's new Budget Code was considered, El.kz reports with reference to the press service of the Prime Minister of the Republic of Kazakhstan.

The Prime Minister stressed the important changes that have taken place in the field of budget policy since 2004. He noted that the budget legislation was streamlined and an integral system of regulation of budgetary legal relations was created, including the establishment of uniform principles of the budget system and a mechanism for saving oil revenues.

Smailov paid special attention to changes in the use of the National Fund, which will now be directed exclusively to financing critical infrastructure and strategic projects. He stressed that the new Budget Code should become a key instrument of state economic policy, contributing to the implementation of the tasks for socio-economic development set by the President.

In light of the current requirements of the time, the new Code will lay the foundations for a more lean and responsible budget policy, in accordance with the modernized principles and mechanisms of result-oriented budgeting.

After discussing and voting on the draft document, the head of government instructed to ensure its submission to the Parliament of the Republic of Kazakhstan for further consideration and adoption.

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