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Tengrinews.kz – The Senate of Kazakhstan is reviewing the new Budget Code in its first reading, with Speaker Maulen Ashimbayev addressing key fiscal regulations outlined in the draft law.
Ashimbayev emphasized the necessity of adhering to existing rules governing guaranteed transfers from the National Fund and the pace of government spending.
"The new Budget Code introduces two main fiscal rules - one concerning the level of guaranteed transfers from the National Fund and another on spending growth. We often set rules but later operate under the concept that ‘rules exist to be broken.’ Instead, we must fully comply with these regulations and use them as our guiding principles," he stated.
The Senate Speaker argued that the current budgetary rules are insufficient for effectively managing state finances.
"Beyond these two rules, we must also consider mechanisms to prevent irrational and inefficient expenditures. There is an ongoing public debate about VAT, and while we understand the government's reasoning, it is crucial to properly allocate and, where necessary, reduce current expenses," Ashimbayev noted.
During the discussion, Ashimbayev referenced the United States, claiming that a newly established Ministry of Government Efficiency, led by Elon Musk, has been actively cutting budgets by evaluating and eliminating unnecessary spending.
"Many are watching developments in the U.S. and observing the actions of the new administration. They created a new ministry, headed by Elon Musk, focused on government efficiency. This ministry is analyzing every state agency, slashing budgets, and eliminating what is deemed ineffective. We will see what level of savings they achieve. While we do not need to copy anyone, we should also look at optimizing our own expenditures," he said.
Ashimbayev outlined two key aspects for improving fiscal policy: strict adherence to established budgetary rules and implementing a mechanism to monitor the efficiency of government spending.
