The President signed a decree to reduce the debt burden of the population

UAPF depositors will be able to transfer up to 50% of their pension savings to private management President of Kazakhstan Kassym-Jomart Tokayev signed a decree "On measures to expand lending to the real sector of the economy and reduce the creditworthiness of the population," the agency's correspondent reports. The Head of State by his decree decides: The Government of the Republic of Kazakhstan, together 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: to 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; until December 31, 2023 to ensure the integration of second-tier banks and credit bureaus with state databases on legal entities, their income and property. The Government, together with the National Bank and the Agency for the Protection and Development of Competition of the Republic of Kazakhstan, will revise the terms of the "Economy of Simple Things" program by May 1, 2023, including ensuring: an increase in the period of subsidizing remuneration rates under the program from 5 to 7 years for the most priority sectors of the economy; the establishment of differentiated subsidy rates depending on the priority of industries economy. The Government together with the ARRFR: until April 30, 2023, to adopt a Roadmap for the implementation of a pool of investment projects through syndicated financing and co-financing with second-tier banks; until September 30, 2023, to take measures to: - transfer to the pledgee the right of temporary land use and its subsequent implementation without redemption of the right of land use; - participation in auctions for the implementation (sale) the rights of subsurface use of business entities, with the exception of strategic objects, without the mandatory permission of the competent authority in the field of subsurface use; review the approaches of tax policy in terms of: - taxation of income of second-tier banks according to the 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 debts on micro-loans of individuals; - exemption from taxation of personal income when debt is written off (forgiven) by collection agencies. The Government of the Republic of Kazakhstan until December 31, 2023: to take measures to improve the efficiency of electronic monitoring of the turnover of grain receipts and to ensure the safety of the volume and quality of grain in granaries (elevators and grain receiving points) by digitalizing the processes of obtaining reliable information about the volumes and turnover of grain; together with the ARRFR and the National Bank to ensure the inclusion of grain receipts with a guarantee of quasi-public sector entities in the category of hard collateral; jointly with AZRK to work out the issue of increasing preferential lending to private leasing companies that meet the criteria of reliability at the expense of the republican budget and (or) the quasi-public sector within the framework of state support measures providing preferential leasing financing of business entities; to take measures to increase lending to second-tier banks and microfinance organizations, to expand the mechanisms for co-financing projects in the agro-industrial complex and the food industry by the organizations of the joint-stock company "National Managing Holding "Baiterek". Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market to reduce the creditworthiness of the population: 1) as part of the tightening of unsecured consumer lending to the population until May 31, 2023, take measures to: - tighten the regulation of rates on microcredits of the population; - introduction of the requirement for the adoption by second-tier banks, microfinance organizations and collection agencies of plans for the settlement of problem loans to the population; 2) by September 30, 2023, together with the National Bank, take measures to: - limit the growth of the debt burden of citizens who have overdue loans and micro-loans for more than ninety calendar days; - introduction of the debt settlement procedure for loans to individuals by collection agencies; - restricting 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. Recall that more than a million Kazakhstanis are unable to pay their obligations.