Article 59. Use of the National Fund of the Republic of Kazakhstan Budget Code of the Republic of Kazakhstan

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1. The National Fund of the Republic of Kazakhstan shall be spent:

1) in the form of a guaranteed transfer from the National Fund of the Republic of Kazakhstan to the republican budget;

2) in the form of targeted transfers transferred from the National Fund of the Republic of Kazakhstan to the republican budget;

3) in the form of payments of targeted claims and coverage of expenses for payment of banking services related to transfers, credits and payments of targeted savings;

4) to cover the costs associated with managing the National Fund of the Republic of Kazakhstan and conducting an annual audit.

2. Spending of the National Fund of the Republic of Kazakhstan shall be limited to:

target guidelines established by documents developed by the central authorized body for budget policy in accordance with part three of paragraph 1 of Article 47 of this Code;

scope of target requirements.

3. The National Fund of the Republic of Kazakhstan cannot be used:

lending to individuals and legal entities;

as security for debt obligations under government and non-government loans;

placement in domestic financial instruments of Kazakhstan issuers;

to finance and (or) co-finance the current expenditures of the republican budget in the form of targeted transfers from the National Fund of the Republic of Kazakhstan.

The provisions of this paragraph shall not apply to the purchase of debt securities of the National Welfare Fund issued for the implementation of projects of national importance at the expense of the National Fund of the Republic of Kazakhstan.

Country-wide projects proposed for financing at the revenues of the National Fund of the Republic of Kazakhstan through the acquisition of debt securities of the National Wealth Fund shall be subject to consideration for the availability of alternative sources of financing for such projects and examination in the manner determined and approved by the Government of the Republic of Kazakhstan.

Projects of national importance proposed for financing at the expense of the National Fund of the Republic of Kazakhstan through the acquisition of debt securities of the National Welfare Fund, with the results of the examination shall be subject to consideration by the Council for the Management of the National Fund of the Republic of Kazakhstan.

The list of country-wide projects implemented at the revenues of the National Fund of the Republic of Kazakhstan through the acquisition of debt securities of the National Welfare Fund shall be approved by the decree of the President of the Republic of Kazakhstan.

4. Monitoring of the targeted, legal and effective use of funds allocated from the National Fund of the Republic of Kazakhstan shall be carried out by the Commission for Monitoring the Expenditure of Funds Allocated from the National Fund of the Republic of Kazakhstan, created by decision of the President of the Republic of Kazakhstan.

The composition, position and procedure of the Commission for monitoring the revenue of funds allocated from the National Fund of the Republic of Kazakhstan shall be approved by the President of the Republic of Kazakhstan.

Code of the Republic of Kazakhstan dated March 15, 2025 № 171-VIII.

President

Republic of Kazakhstan

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