ASTANA, Kazakhstan, September 2. The resources of the National Fund should primarily serve the interests of Kazakhstan, Kazakhstan’s President Kassym-Jomart Tokayev said during a joint session of the parliamentary chambers, presenting his annual address to the nation, TurkicWorld reports.
"The National Fund's resources should be used to advance the strategic goals of our state rather than serving foreign financial institutions. The Fund is a crucial tool for ensuring long-term macroeconomic stability, so effective management is essential," Tokayev emphasized.
The president also noted that, the government needs to develop rational compensatory mechanisms in order to address budget deficits.
"Order must be established in fiscal relations. The decision to keep tax revenues from small and medium-sized businesses in the regions was correct and timely. It significantly boosted entrepreneurship and increased the autonomy of regional leaders. However, some regional heads, having gained an additional source of income, have used it imprudently for secondary tasks and projects without practical benefits for the state," the president added."The National Fund's resources should be used to advance the strategic goals of our state rather than serving foreign financial institutions. The Fund is a crucial tool for ensuring long-term macroeconomic stability, so effective management is essential," Tokayev emphasized.
