The Republic of Kazakhstan has commenced a Public Expenditure and Financial Accountability (PEFA) assessment, and its climate dimension (PEFA Climate).

The goal is to enhance financial transparency, improve the efficiency of public financial management, and increase the country's overall investment attractiveness.

The PEFA assessment will provide the Government with an evaluation of the strengths and weaknesses of the national public financial management system and lay the groundwork for further reforms.

The assessment is being conducted with the support of the World Bank and the Asian Development Bank.
Adrian Fozzard, World Bank Institutions Practice Manager for Europe and Central Asia region, and Chekdem Akim, Director of the Public Sector Management Division of the Asian Development Bank, emphasized at the opening event the importance of the PEFA assessment. They noted the assessment demonstrates the effectiveness of the public finances management in the country and provides crucial information for international rating agencies and investors.
The modern methodology includes a climate assessment (PEFA Climate), which analyzes how public finances support a "green" economy and help the country adapt to climate change. The partners also highlighted the importance of implementing the assessment's recommendations going forward.

PEFA evaluates the entire public financial management system, including budgeting, expenditures, and auditing. Specifically, the assessment covers aspects such as financial reporting transparency, expenditure and revenue forecasting and planning, fiscal strategy, external control and audit, and climate expenditure assessment.
Given its key role in managing the public financial system, the Ministry of Finance is coordinating the PEFA assessment process.

During the kick-off seminar, Deputy Minister of Finance of the Republic of Kazakhstan, Dauren Temirbekov, stated: "In today’s world, investments come where there is the trust. Trust in economic policy, government institutions, and financial management. That is why the PEFA assessment plays a key role."

The assessment will also involve the Supreme Audit Chamber, the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan, the Bureau of National Statistics, and the Ministries of National Economy, Science and Higher Education, Education, Health, Agriculture, Water Resources and Irrigation, Ecology and Natural Resources, and Labor and Social Protection of the Population.

This year, the PEFA assessment will cover the period from 2022 to 2024. The last PEFA assessment for Kazakhstan was conducted in 2018.

Source : https://www.gov.kz/memleket/entities/minfin/press/news/details/949901