An analysis of the results of the Comprehensive Privatization Plan for 2016-2020 has been conducted in Kazakhstan, as reported by the business information center Kapital.kz, citing the press service of the Supreme Audit Chamber.
“Following the recommendation of the Supreme Audit Chamber of the Republic of Kazakhstan, the impact of the Comprehensive Privatization Plan for 2016-2020 has been analyzed. The government of the Republic of Kazakhstan has conducted an analysis of the socio-economic effects achieved after the implementation of the Comprehensive Privatization Plan for 2016-2020. An audit of the effectiveness of government policy in the field of privatization was previously carried out. Among other things, the Supreme Audit Chamber noted that assessing the impact of the relevant comprehensive plans of national holdings and national companies on the development of the republic is difficult for several reasons. In this regard, the government of the Republic of Kazakhstan was recommended to consider the possibility of conducting such an analysis,” the Supreme Audit Chamber explained.
As a result, the Ministry of National Economy analyzed statistics and data from tax authorities regarding 771 privatized organizations to determine the achieved socio-economic effect. These findings were subsequently included in the National Report on the Management of State Assets and the Quasi-State Sector.
Specifically, the following results are noted:
- The contribution of entities in the quasi-state sector to the gross domestic product of the Republic of Kazakhstan increased from 8.6 trillion tenge in 2016 to 10.3 trillion tenge in 2020;
- The volume of investments in fixed capital for privatized organizations in 2023 amounted to 57.5 billion tenge – 98% was invested from their own funds;
- Revenues to the state budget from the sale of privatized organizations amounted to 578.8 billion tenge;
- Tax revenues from privatized organizations in 2023 exceeded 162 billion tenge.
“Overall, the analysis conducted shows a positive macroeconomic effect from the implementation of the Comprehensive Privatization Plan for 2016-2020. Thus, the share of state participation in the economy has decreased from 18.3% to 14.6% of GDP. Furthermore, the profile of activities and the number of employees in privatized organizations have been maintained,” concluded the audit chamber.