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Kazakhstan has recently implemented updated regulations for returning funds from the National Fund, following recommendations from the Supreme Audit Chamber (SAC). These new rules aim to enhance transparency and accountability in managing the National Fund resources.
The new regulation allows for the return of funds if they were not spent within the reporting year or used incorrectly. Key elements of the new regulation include:
- Clear procedures and a specified timeframe for returning resources used for unauthorized purposes.
- A mechanism to return unused funds, including those disbursed as budget loans and bond borrowings, to prevent their repeated use once the original purpose is fulfilled.
These reforms have been made possible through necessary amendments to the Budget Code, and a new government resolution adopted on July 2, 2025, formalizing the updated framework for managing and utilizing the National Fund.
In addition, the Ministry of Finance has issued orders for 2025, covering various aspects of budget execution, treasury operations, accounting procedures, budget classification, and allocation among government levels and allied states. These orders include guidelines for executing the budget and its cash management, procedures for cash management and accounting, and outlines for the distribution of budget revenues among different budget levels, National Fund accounts, off-budget funds, and budgets of EAEU countries.
The Higher Audit Chamber played a significant role in these reforms, having previously audited the effectiveness of targeted transfers from the National Fund between 2019 and 2021. The Chamber recommended establishing rules for returning funds if they were used for unauthorized purposes, developing a mechanism for returning funds issued as budgetary loans and bond loans, and amending one of the decrees to clarify the timeline and process for returning unused funds.
A Mazhilis deputy, Erlan Stambekov, previously demanded transparency from the National Bank in managing the National Fund's assets. This new regulation is a step towards addressing that demand, ensuring a more transparent and accountable management of the National Fund.
[1] Higher Audit Chamber recommendations [5] Enhancing transparency and accountability in managing the National Fund resources
The new regulation, resulting from the Higher Audit Chamber's recommendations, aims to enhance transparency and accountability in managing the National Fund resources by establishing clear procedures for returning funds if they were not spent within the reporting year or used incorrectly, and implementing a mechanism to return unused funds, including those disbursed as budget loans and bond borrowings.
The Ministry of Finance has issued orders for 2025, covering various aspects of budget execution, treasury operations, accounting procedures, budget classification, and allocation among government levels and allied states. These orders, issued in response to a demand for transparency from a Mazhilis deputy, include guidelines for executing the budget and its cash management, procedures for cash management and accounting, and outlines for the distribution of budget revenues among different budget levels, National Fund accounts, off-budget funds, and budgets of EAEU countries, furthering the business of finance.
