On Approval of the Rules for Monitoring the State-guaranteed Obligation to support Private entrepreneurship and the financial condition of the special entrepreneurship development fund, which has a state guarantee to support private entrepreneurship
Order of the Minister of Finance of the Republic of Kazakhstan dated June 30, 2026 No. 446. Registered with the Ministry of Justice of the Republic of Kazakhstan on June 30, 2026 No. 39164
In accordance with paragraph 7 of Article 144-1 of the Budget Code of the Republic of Kazakhstan, I ORDER:
1. To approve the attached Rules for monitoring the state-guaranteed obligation to support private entrepreneurship and the financial condition of the special entrepreneurship development fund, which has a state guarantee to support private entrepreneurship.
2. The Department of State Borrowing of the Ministry of Finance of the Republic of Kazakhstan, in accordance with the procedure established by the legislation of the Republic of Kazakhstan, shall ensure:
1) the state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;
2) posting of this order on the Internet resource of the Ministry of Finance of the Republic of Kazakhstan after the day of its first official publication;
3) within ten working days after the state registration of this order with the Ministry of Justice of the Republic of Kazakhstan, submit to the Department of Legal Service of the Ministry of Finance of the Republic of Kazakhstan information on the implementation of measures provided for in subparagraphs 1) and 2) of this paragraph.
3. This order will enter into force on July 12, 2026 and is subject to official publication.
Minister of Finance of the Republic of Kazakhstan
M. Takiev
"APPROVED" by the Ministry of National Economy of the Republic of Kazakhstan
Approved by the Order of the Minister of Finance of the Republic of Kazakhstan on June 30, 2026 No. 446
Rules for monitoring the state-guaranteed obligation to support private entrepreneurship and the financial condition of the special entrepreneurship development fund, which has a state guarantee to support private entrepreneurship
Chapter 1. General provisions
1. These Rules for monitoring the state–guaranteed obligation to support private entrepreneurship and the financial condition of the special Fund for Entrepreneurship Development (hereinafter referred to as the Special Fund), which has a state guarantee to support private entrepreneurship (hereinafter referred to as the Rules) have been developed in accordance with paragraph 7 of Article 144-1 of the Budget Code of the Republic of Kazakhstan (hereinafter referred to as the Rules). – The Budget Code) and determine the procedure for monitoring the state-guaranteed obligation to support private entrepreneurship and the financial condition of a Special Fund with a state guarantee to support private entrepreneurship.
2. The following basic concepts are used in these Rules:
1) Special Fund – the entrepreneurship development fund, established by decision of the Government of the Republic of Kazakhstan, which provides financial support to initiatives of private business entities from the state, the controlling stake of which belongs to the national management holding;
2) the central authorized body for budget execution (hereinafter referred to as the authorized body for budget execution) is the central executive body responsible for the management, as well as, within the limits provided for by the legislation of the Republic of Kazakhstan, intersectoral coordination in the field of budget execution, accounting, budget accounting and budget reporting on the execution of the republican budget and within its competence – local budgets, extra-budgetary funds;
3) the State guarantee of the Republic of Kazakhstan for the support of private entrepreneurship (hereinafter referred to as the State Guarantee) is the obligation of the Government of the Republic of Kazakhstan to a Special Fund in accordance with the terms of the guarantee agreement for the support of private entrepreneurship to fully or partially repay the amount of its debt to financial and other organizations if the funds of the Special Fund are insufficient to fulfill obligations under investment guarantees provided by it. projects with a financing amount of over 7 billion tenge;
4) attorney (agent) – a person who, on the basis of an agreement on the provision of a State Guarantee, ensures the performance of works related to the provided State Guarantee and ensuring the return of funds diverted from the republican budget in case of fulfillment of obligations under the State Guarantee;
5) a guarantee agreement for the support of private entrepreneurship (hereinafter referred to as the Guarantee Agreement) is a written agreement between the authorized body for budget execution and a Special Fund that establishes the legal relations, obligations and responsibilities of the parties when providing a State Guarantee.;
6) a state–guaranteed obligation to support private entrepreneurship is the amount of outstanding obligations under a Guarantee Agreement secured by a State Guarantee on a certain date, for which no guarantee payments have been made by a Special Fund.
Chapter 2. The procedure for monitoring the state-guaranteed obligation to support private entrepreneurship and the financial condition of the special fund for the development of entrepreneurship, which has a state guarantee to support private entrepreneurship
Paragraph 1. Procedure for monitoring the State-guaranteed obligation to support private entrepreneurship
3. The object of monitoring the state-guaranteed obligation to support private entrepreneurship is obligations under Guarantee Agreements secured by a State Guarantee.
4. On a quarterly basis, until the 10th day of the month following the reporting quarter, the Special Fund provides the attorney (agent) with information on the status of the volume of accepted warranty obligations secured by a state guarantee for the support of private entrepreneurship, and on guarantee payments within the framework of accepted warranty obligations secured by a state guarantee for the support of private entrepreneurship, according to Appendices 1 and 2 to these Rules.
5. The attorney (agent), based on the information provided by the Special Fund, forms information on the status of the volume of warranty obligations assumed, secured by a state guarantee for the support of private entrepreneurship, and on guarantee payments within the framework of the warranty obligations assumed, secured by a state guarantee for the support of private entrepreneurship in accordance with Appendices 1 and 2 to these Rules and quarterly, until On the 20th of the month following the reporting quarter, submits it to the authorized body for budget execution.
6. Monitoring of the state-guaranteed obligation to support private entrepreneurship is carried out by the authorized body for budget execution on a quarterly basis, until the 30th day of the month following the reporting quarter, based on information provided by the attorney (agent) in accordance with paragraph 5 of these Rules, and consists in tracking the volume of obligations under guarantee agreements secured by state guarantee.
7. The authorized body for budget execution ensures the publication of the results of monitoring the state-guaranteed obligation to support private entrepreneurship on its Internet resource quarterly, by the 10th day of the second month following the reporting quarter.
Paragraph 2. The procedure for monitoring the financial condition of the special fund for the development of entrepreneurship, which has a state guarantee to support private entrepreneurship
8. The financial condition of the Special Fund is monitored on the basis of a quarterly analysis of the financial condition and annual audited financial statements.
9. Special Fund:
quarterly, no later than the 10th day of the second month following the reporting quarter, provides the attorney (agent) with financial statements in standard forms (balance sheet, profit and loss statement, cash flow statement, explanatory note) with cumulative totals and other documents determining the financial condition of the Special Fund at the attorney's written request (agent);
annually, no later than August 31 of each year following the reporting year, provides the attorney (agent) with audited financial statements in standard forms (balance sheet, income statement, cash flow statement, explanatory note for the financial year);
10. The attorney (agent) collects, summarizes and verifies the completeness of the information provided by the Special Fund.
If the information provided by the Special Fund is incomplete or the submitted documents do not comply with the requirements of paragraph 9 of these Rules, the attorney (agent) shall send a notification to the Special Fund indicating the identified comments within 5 working days from the date of their receipt. The Special Fund eliminates the comments and submits the finalized documents and/or information within no more than 5 working days from the date of receipt of the notification.
If the Special Fund provides information in full, the attorney (agent) provides the authorized body for budget execution with information on the financial condition of the Special Fund on a quarterly basis by the 30th day of the second month following the reporting quarter, as well as on an annual basis by September 20 of the year following the reporting one.
11. The analysis of the financial condition of the Special Fund is carried out on the basis of the information provided in accordance with paragraph 10 of these Rules, and includes a quarterly analysis of the financial condition and an analysis of the financial condition based on the results of the year.
The financial condition analysis consists of an analysis of basic information (information about the management of a legal entity, types of activities, industry and regulatory environment) and financial information (analysis of financial statements).
12. The financial condition of the Special Fund is monitored by the authorized body for budget execution on a quarterly basis, up to the 25th day of the third month following the reporting quarter, as well as annually until October 15 of the year following the reporting year, based on the analysis of the financial condition provided for in paragraph 11 of these Rules, by analyzing and comparing financial ratios, calculated on the basis of the financial statements of the Special Fund.
The following basic financial ratios are used in monitoring:
current liquidity ratio – the ratio of cash and short-term accounts receivable to the amount of short-term liabilities (acceptable value from 1 to 2);
debt burden ratio – the ratio of current liabilities to equity (the acceptable value should not exceed 3);
The attraction coefficient is the ratio of liabilities to the sum of current and long–term assets (the acceptable value is no more than 1);
The return on equity ratio is the ratio of total income before taxation to the amount of equity (an acceptable value is at least 0.05).
13. If, based on the results of monitoring the financial condition of the Special Fund, the deviation of the values of the above-mentioned indicators of the financial condition of the Special Fund from the acceptable values is revealed, the authorized budget execution body sends a written notification to the Special Fund within 5 working days about the need to take measures to restore the above indicators to an acceptable level.
14. The Special Fund, within 10 working days after receiving the notification, in accordance with paragraph 13 of these Rules, shall inform in writing about the measures taken and planned by the Special Fund to improve its financial condition.
15. In case of non-fulfillment of its obligations under guarantee agreements, the Special Fund informs the authorized body for budget execution about the facts and reasons for non-fulfillment of obligations.;
16. The authorized body for budget Execution, within 10 working days after the fact of the insolvency of the Special Fund is revealed, notifies the Government of the Republic of Kazakhstan about this and makes a proposal for further measures within the framework of the implementation of the state guarantee.
17. The authorized body for budget execution ensures publication on its Internet resource:
the results of quarterly monitoring of the financial condition of the Special Fund, quarterly, by the 30th day of the third month following the reporting quarter;
the results of the annual monitoring of the financial condition of the Special Fund annually, by October 20 of the year following the reporting year.
Appendix 1 to the Rules of Monitoring is guaranteed by the government of the obligation to support private entrepreneurship and the financial condition of the special fund for the development of entrepreneurship, which has a government guarantee to support private entrepreneurship
Information on the status of the volume of warranty obligations assumed, secured by a state guarantee to support private entrepreneurship
Download
thousands of tenge
№
Name
Amount of obligations at the beginning of the reporting period
Changes in the reporting period
Volume of obligations at the end of the reporting period (column 6 = column 3 + column 4 – column 5)
Commitments made
Terminated obligations
1
2
3
4
5
6
1.
Obligations in national currency
Frequency: quarterly Equity at the end of the reporting period – ________ thousand tenge The volume of obligations secured by the State Guarantee at the end of the reporting period – _______ thousand tenge _____________________ _______________ ______________________________ first supervisor signature last name, first name, patronymic (if any) _____________________ ________________ _____________________________ Chief Accountant signature surname, first name, patronymic (if any) ______________________ ________________ ______________________________ responsible executor signature surname, first name, patronymic (if applicable available) phone number ____________
Appendix 2 to the Rules of Monitoring is guaranteed by the government of the obligation to support private entrepreneurship and the financial condition of the special fund for the development of entrepreneurship, which has a state guarantee for the support of individual entrepreneurship
Information on guarantee payments within the framework of the accepted guarantee obligations provided by the state guarantee for the support of private entrepreneurship
Download
Name
Guarantee payments
The amount of equity
The ratio of guarantee payments to the amount of equity, percentage
1
2
3
4
Total amount as of the end of the reporting period in national currency
Frequency: quarterly Equity at the end of the reporting period – _______ thousand tenge ___________________ ____________ ______________________ first supervisor signature last name, first name, patronymic (if any) ___________________ ____________ _________________________________ Chief Accountant signature surname, first name, patronymic (if any) ___________________ ______________ ______________________ responsible executor signature surname, first name, patronymic (if any) phone ____________
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