Targeted Transfers from the National Fund to Be Limited: Details Revealed
Targeted transfers from Kazakhstan’s National Fund will soon be subject to budgetary rules, according to National Bank Chairman Timur Suleimenov. The new restrictions are expected to be finalized and announced by the end of January.
Budget Rule: What Will Change
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Broader Scope.
Previously, the budget rule applied only to guaranteed transfers from the National Fund. Now, it will cover all withdrawals, including targeted transfers. -
Percentage Cap.
The specific percentage limit has not yet been disclosed, as discussions within the government are ongoing. Suleimenov stated that the cap would be ambitious but moderate. -
Policy Coordination.
Suleimenov emphasized that the decision aligns with ongoing fiscal and monetary policy coordination between the Ministry of Finance and the Ministry of National Economy.
Reasons and Implications
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Expense Control.
The restrictions aim to curb budget deficits and maintain the National Fund’s sustainability. -
Increased Transparency.
Expanding the budget rule to include targeted transfers reduces the risk of overusing the fund’s resources, enhancing long-term economic stability. -
Public Expectations.
The exact percentage cap remains a topic of interest, but its announcement has been postponed until final government approval.
When to Expect Changes?
Timur Suleimenov confirmed that the final decision will be made by the end of January. Preliminary agreements with the government have already been reached.
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