The Commission for Monitoring the Use of Funds Allocated from the National Fund has resumed its activities in Kazakhstan, now in an updated format and with a new composition, reports the correspondent of the business information center Kapital.kz, citing the press service of the Supreme Audit Chamber.
It is worth noting that since its establishment in 2014, the commission operated under the auspices of the National Bank, and since 2020, the Supreme Audit Chamber has become its working body.
The head of the commission, Alikhan Smailov, explained that the approaches to monitoring the legality and effectiveness of the use of National Fund resources will be updated.
“We need to restart the work of the commission. It is essential to qualitatively consolidate interagency competencies and clearly define the areas of responsibility for overseeing the effective and targeted use of National Fund resources,” said Alikhan Smailov at the meeting on February 21.
He added that there is currently increasing public attention to the rational use of the fund's resources. This is also related to the launch of the presidential program "National Fund – for Children."
“Transfers from the National Fund must ensure an economic return. These funds cannot be spent on insignificant goals. This is the task set by the head of state,” emphasized the chairman of the Supreme Audit Chamber.
The tasks of the commission will include:
- checking the funds allocated from the National Fund to support the economy on preferential terms;
- forming proposals for reallocating National Fund resources to more priority areas or returning them.
It is important to remember that President Kassym-Jomart Tokayev emphasized the significance of the National Fund in his message to the people in September 2024.
“The resources of the National Fund should primarily serve the interests of our state and be used to achieve strategic goals, rather than servicing foreign financial institutions. The National Fund is a crucial tool for ensuring long-term macroeconomic stability, thus effective management is required,” said the president.
The Commission for Monitoring the Use of Funds Allocated from the National Fund is an advisory body. It was established by presidential decree in 2014.
It should be noted that more than 40 audit activities are planned for 2025. Audits will be conducted on the budgets of the cities of Astana and Almaty, as well as the North Kazakhstan, Kostanay, and Zhambyl regions, along with the "Samruk-Kazyna" fund, the national company "Kazatomprom," the Kazakhstan Electric Grid Operating Company (KEGOC), the National Bank, and the Ministry of Emergency Situations.
Earlier, the Supreme Audit Chamber reported on the results of a state audit conducted in the Ministry of Digital Development, Innovations, and Aerospace Industry, the Center for Digital Government Support, JSC "National Information Technologies," the Park of Innovative Technologies, and Astana Hub. Financial violations totaling 1.1 billion tenge were identified. Ineffective planning of budget funds and assets amounted to 2.2 billion tenge, while ineffective use totaled 46.5 billion tenge.