On measures to expand lending to the real sector of the economy and reduce the debt burden of the population
Decree of the President of the Republic of Kazakhstan dated March 10, 2023 No. 140.
In order to ensure affordable and stable financing of the real sector of the economy and reduce the debt burden of the population, I DECREE:
1. To the Government of the Republic of Kazakhstan jointly with the National Bank of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market:
1) take measures to expand the rights of depositors of the joint-stock company "Unified Accumulative Pension Fund" in terms of transferring up to fifty percent of the amount of their pension savings to investment management companies;
2) by December 31, 2023, ensure the integration of second-tier banks and credit bureaus with government databases on legal entities, their income and property.
2. The Government of the Republic of Kazakhstan, together with the National Bank of the Republic of Kazakhstan and the Agency for the Protection and Development of Competition of the Republic of Kazakhstan, must review the terms of the "Economy of Simple Things" program by May 1, 2023, including ensuring:
increasing the period of subsidizing remuneration rates under the program from 5 to 7 years for the most priority sectors of the economy;
establishment of differentiated subsidy rates depending on the priority of economic sectors.
3. To the Government of the Republic of Kazakhstan jointly with the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market:
1) adopt a Roadmap for the implementation of a pool of investment projects through syndicated financing and co-financing with second-tier banks by April 30, 2023;
2) by September 30, 2023, take measures to:
transfer of the right of temporary land use to the mortgagee and its subsequent realization without redemption of the right of land use;
participation in tenders for the realization (sale) of the right of subsurface use of business entities, with the exception of strategic facilities, without necessarily obtaining permission from the competent authority in the field of subsurface use;
3) to review the approaches of tax policy in terms of:
taxation of income of second-tier banks on notes of the National Bank of the Republic of Kazakhstan;
temporary (for three years) exemption from taxation of income of microfinance organizations in connection with the write-off (forgiveness) of debt on micro-loans of individuals;
exemption from taxation of personal income when debt is written off (forgiven) by collection agencies.
4. To the Government of the Republic of Kazakhstan until December 31, 2023:
Take measures to improve the effectiveness of electronic monitoring of grain receipts turnover and ensure the safety of grain volume and quality in grain storage facilities (elevators and grain receiving points) by digitalizing the processes of obtaining reliable information about grain volumes and turnover.;
jointly with the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market and the National Bank of the Republic of Kazakhstan to ensure the inclusion of grain receipts guaranteed by quasi-public sector entities in the category of hard collateral;
Jointly with the Agency for the Protection and Development of Competition of the Republic of Kazakhstan, to work out the issue of increasing preferential lending to private leasing companies that meet reliability criteria at the expense of the republican budget and (or) the quasi-public sector as part of government support measures providing preferential leasing financing for business entities.;
Take measures to increase lending to second-tier banks and microfinance organizations, expand the mechanisms for co-financing projects in the agro-industrial complex and the food industry by organizations of the National Managing Holding Baiterek Joint Stock Company.
5. The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial market to reduce the debt burden of the population:
1) as part of the tightening of unsecured consumer lending to the population by May 31, 2023, take measures to:
tightening regulation of rates on microcredits of the population;
the introduction of a requirement for second-tier banks, microfinance institutions and collection agencies to adopt plans to resolve problematic loans to the population;
2) by September 30, 2023, together with the National Bank of the Republic of Kazakhstan, take measures to:
limiting the growth of the debt burden of citizens who have overdue loans and micro-loans for more than ninety calendar days;
introduction of the procedure for debt settlement on loans to individuals by collection agencies;
restriction of the sale by second-tier banks and organizations engaged in microfinance activities of loans and microcredits of individuals to collection agencies for which debt settlement procedures have not been carried out.
6. The Government of the Republic of Kazakhstan and state bodies directly subordinate and accountable to the President of the Republic of Kazakhstan shall take other measures arising from this Decree.
7. Control over the implementation of this Decree is entrusted to the Administration of the President of the Republic of Kazakhstan.
8. This Decree shall enter into force from the date of its signing.
President
Republic of Kazakhstan
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