Treasury Reform in Kazakhstan: Lessons for Other Countries
IMF Working Papers, August 1, 2002
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- Treasury Reform in Kazakhstan: Lessons for Other Countries
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Bibliographic details
- Authors: Eivind Tandberg, S. Ramamurthy
- Published: August 1, 2002
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451855128.001
Summary
- Kazakhstan’s government has established a comprehensive and efficient treasury system for government revenues and expenditures, and introduced a state-of-the-art government financial management information system.
- Kazakhstan is among the leading BRO (Baltics, Russia, and other Former Soviet Union) countries in modernizing its budget execution system despite remaining challenges in other areas of fiscal management.
- Successful outcomes are related partly to the high quality of the reform process, and partly to the institutional design of the Kazakh treasury.
- Some design features are common for most well-functioning treasuries. Other features are related to the specific economic factors, institutional features, and financial management objectives of a transition economy, with a strong emphasis on fiscal control and financial discipline.
Key findings and observations
- The Kazakh treasury provides comprehensive coverage of government revenues and expenditures.
- A state-of-the-art government financial management information system underpins budget execution modernization.
- The reform combined process quality and institutional design to deliver effective fiscal control and financial discipline.
- Kazakhstan ranks among leading BRO countries in treasury and budget execution modernization, though other areas of fiscal management still present challenges.
Policy implications and lessons for other countries
- Emphasize a high-quality reform process alongside careful institutional design when modernizing treasury systems.
- Adopt design features common to well-functioning treasuries to improve control over revenues and expenditures.
- Tailor certain treasury design elements to the specific economic, institutional, and financial-management objectives of transition economies, prioritizing fiscal control and financial discipline.
- Implement an integrated government financial management information system to support budget execution and modernization efforts.
Subject areas and keywords
- Subject: Budget classification, Budget execution and treasury management, Budget planning and preparation, Expenditure, Fiscal accounting and reporting, Public financial management (PFM)
- Keywords: Baltics, budget, Budget classification, Budget execution and treasury management, Budget planning and preparation, budget reform, cash resource, country, firm, Fiscal accounting and reporting, government, government system requirement, Kazakh government account, Kazakh treasury reform, Kazakh Treasury system, reform process, transition economies, treasury, Treasury reform, treasury system, WP
Content in this bundle
- Treasury Reform in Kazakhstan: Lessons for Other Countries - WP/02/129