Kazakhstan's Finance Minister Exposes Widespread Off-Budget Spending and Fund Misuse
Finance Minister Madhi Takiyev has revealed troubling findings of off-budget spending and misuse of funds in Kazakhstan. The issues span various regions and programs, totaling a significant amount.
Investigations by the Agency for Financial Monitoring (AFM) uncovered off-budget spending in social and entrepreneurial corporations (SPC) in the Turkestan and Aбай regions. This amounted to 2.152 billion tenge, spent on beauty salons, saunas, restaurants, and stores instead of rural development.
The AFM also looked into the 'Nürly Zher' state housing construction program, finding embezzlement of budget funds. Meanwhile, nearly 2,000 borrowers under the 'Aul Amanaty' program used loans totaling 13 billion tenge for purposes other than developing rural households. Additionally, mass registration of companies at the same legal address is being investigated, with around 20,000 companies having a total tax debt of 60.4 billion tenge.
Systematic monitoring of budget spending is being conducted to combat the shadow economy. However, there are no specific publicly available details about which regions have systematically abused state support or the total amount of tenge spent on off-budget expenditures.
These findings highlight significant issues with off-budget spending and misuse of funds in Kazakhstan. The government is taking steps to investigate and combat these problems, but further transparency and accountability are needed to address the lack of specific details about the extent of the issue.
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