Kazakhstan's 'Ak Zhol' Demands Economic Reforms: New Law for Social-Entrepreneurial Corporations, Liberalisation Plan
The 'Ak Zhol' faction in Kazakhstan's Mazhilis has demanded significant changes in the country's entrepreneurial economy. They seek a new law for social-entrepreneurial corporations and a plan to implement the President's decree on economic liberalisation. Meanwhile, a mechanism for returning unused budget funds has been established, and the quasi-public sector's profit contribution has been criticised.
The 'Ak Zhol' faction has called for a single law 'On Social-Entrepreneurial Corporations' to define their legal status, goals, powers, and responsibilities. They also demand a plan to implement the President's decree on economic liberalisation, which has seen no significant progress in 1.5 years.
The faction has criticised the government's lack of action in reforming the state sector and reducing 'daughter' and 'granddaughter' companies of national companies. They argue that the quasi-public sector has only contributed 12% of its profits to the social security benefits in the last five years.
In Kazakhstan, the national company 'Kazakhtelecom' was found to have paid 'top managers' bonuses of 50 million tenge for inflated tariffs. The 'Samruk-Kazyna' fund, while reducing the number of subjects to 327, maintained six levels of ownership and reduced managers by only 22%. The faction proposes to liquidate or radically reform social-entrepreneurial corporations (SEPs) and transfer their activities under the control of maslikhats.
The 'Ak Zhol' faction's demands highlight the need for further economic liberalisation and reform in Kazakhstan. Their proposals, including a new law for social-entrepreneurial corporations and the reduction of 'daughter' and 'granddaughter' companies, aim to improve the country's entrepreneurial economy and increase budget contributions from the quasi-public sector.
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