ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of December 22, 2016 No. 696

About approval of the Development strategy of public finances management in the Kyrgyz Republic for 2017-2025

For the purpose of effective management of public finances of the Kyrgyz Republic, according to articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve the Development Strategy of public finances management in the Kyrgyz Republic for 2017-2025 (further - Strategy) according to appendix.

2. Ministry of Finance of the Kyrgyz Republic shall develop and approve in accordance with the established procedure the Mid-term plan of actions for strategy implementation in a month (further - the Action plan).

3. Ministries, state committees and administrative departments of the Kyrgyz Republic involved in strategy implementation shall provide in the Ministry of Finance of the Kyrgyz Republic information on the course of implementation of the Action plan quarterly, no later than the 10th day following the accounting period.

4. Ministry of Finance of the Kyrgyz Republic quarterly, no later than the 25 day of the month following the accounting period shall submit the generalized report on the course of implementation of the Action plan in the Government of the Kyrgyz Republic.

5. Department of finance and credit policy of Government office of the Kyrgyz Republic shall be responsible for control over execution of this resolution.

6. This resolution becomes effective after ten days from the date of official publication.

Appendix

The development startegy of public finances management in the Kyrgyz Republic for 2017-2025

1. Introduction

The development strategy of public finances management (further - Strategy) determines the directions and priorities of reform of UGF in the Kyrgyz Republic for 2017-2025.

Strategy is developed by the Ministry of Finance of the Kyrgyz Republic (further - MF) with assistance of Department on the international development of Great Britain (DFID) in pursuance of Item 2.1.5. The action plan of the Government of the Kyrgyz Republic on program implementation

The government of the Kyrgyz Republic "Trust and unity" for 2016 approved by the order of the Government of the Kyrgyz Republic of August 24, 2016 No. 456.

Strategy meets the requirements of the National sustainability strategy of the Kyrgyz Republic for 2013-2017 in which questions of enhancement of UGF are determined as priority.

Strategy is intended for realization of the Kyrgyz Republic by the Government, all concerned parties and partners in development.

1.1. Management of public finances

Management of public finances is system of the relations including accumulating and distribution of the state financial resources necessary for the predicted social and economic development of society, control of rational and their effective use, and also set of financial institutions (organizations) and mechanisms performing and governing such relations.

Main objective of UGF - creation of financial conditions under which society receives high-quality and effective services. The UGF efficient system can create conditions under which necessary amounts of resources can be allocated for development of the sector. Effectively constructed UGF system allows all concerned parties to see as well as what financial resources are spent for.

Process of management of finance includes resource management (objects), enhancement of subjects and controling mechanisms.

1.2. Principles of Strategy

In basis of Strategy the following basic principles are underlain:

- active involvement and mutual understanding of all concerned parties: Jogorku Kenesh of the Kyrgyz Republic, the Government of the Kyrgyz Republic, public institutions, civil society and partners in development, with distribution of responsibility and obligatory monitoring of strategy implementation;

- observance by concerned parties of the current legislation and avoidance of contradictions in case of introduction of offers on its change;

- succession of results of the previous stages of reform of the UGF system and accounting of experience of their realization;

- determination of priorities and accurate sequence of realization of new stages of reform of the UGF system;

- providing continuity and stability of measures for reforming of the UGF system;

- risks assessment.

2. Current situation and perspective

2.1. Current situation

For a number of years reform of the UGF system is performed in the directions:

- budget process: planning and budget implementation;

- budget transparency;

- budgeting on program basis;

- fiscal policy;

- financial accounting and the reporting in public sector;

- internal and external audit of state bodies and organizations, companies with the state ownership ratio.

Tasks on national debt management for the medium term are reflected in the Strategy of national debt management of the Kyrgyz Republic for 2016-2018 approved by the order of the Government of the Kyrgyz Republic of October 6, 2016 No. 532. The government of the Kyrgyz Republic attaches importance to questions of stability of debt in this connection medium-term strategy for national debt management are updated on regular basis.

In 2012 SPD on reforming of the UGF system for 2012-2015 approved by the order of the Government of the Kyrgyz Republic of October 3, 2012 No. 675 is updated. The action plan covered wide range of the measures directed to strengthening of financial management and transparency, administration of the income, the interbudget relations, procedures of public procurements and investment, financial accounting and audit.

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