Sauleyeva A.K.

Student of al-Farabi Kazakh National University

e-mail: altinaika.1995@mail.ru

Smagulova D.S.

senior lecturer

Chair of Customs, Finance and Environmental Law

al-Farabi Kazakh National University

e-mail: smgdana@mail.ru

State and problems of the financial system of the Republic of Kazakhstan

Abstract: The article investigates the problems of the financial core of the development and successful functioning of a market economy and a prerequisite for the growth and stability of the economy as a whole, are considered State measures to reduce the negative impact of the global financial crisis on the country's financial system, advice on the development of the banking sector as one of the main elements financial system.

Keywords: finance, financial system, the state budget securities.

Sound financial system is the core of the development and successful functioning of a market economy and a prerequisite for the growth and stability of the economy as a whole. This system is the basis for mobilizing and distributing savings society and facilitating its daily operations. Therefore, although the structural transition from a largely centrally planned and controlled economy to functioning in accordance with market principles, includes many elements, the most important thing - to create a sound financial system. Once established sound financial system can develop money and capital markets, particularly the primary and secondary markets of national government securities.

The financial system of the state is a set of financial and economic institutions, each of which mediates fund of funds, the definition in the economic sense.

In a legal sense, the financial system is a set of financial institutions of the State (Finance Ministry and its affiliated companies, tax authorities, state-owned banks, state-owned insurance company). The financial system of Kazakhstan is the market and usually consists of five units: the state budget, local finance, special funds, finance state-owned banks, finance companies and public corporations.

In Kazakhstan, for twenty years of independence has completely changed the system of economic and social relations. Since the beginning of the 1994 global economic reforms largely achieved financial stabilization, privatization is nearing completion of all state property, there has been a rise in production. There have been almost complete liberalization of prices and the abolition of most restrictions on foreign trade.

The financial system is a system integration type, characterized by close ties of its constituent elements (subsystems) and the fact that none of its subsystems cannot exist on its own finance, on the one hand, express the part of the relations of production and, therefore, are the element of the relationship with another - represent a system consisting of interconnected elements that have their functional properties. In finance can be called as functional subsystems such as tax, budget, financial plans (forecasts), estimate financing, financial performance and other.

In the market-economic performance of commodity-money relations regulated by the state to a much lesser extent. Basic Controls - supply and demand of goods, works and services. Regardless of commodity relations finances cannot exist. Only the exchange of manufactured goods, services, implementation of certain cash equivalent of producers produced cash proceeds. Of the proceeds from the sale of goods, works and services should be allocated funds of funds, which are sent to a refund expended means of production, labor. And the cost of the surplus product to be distributed to parts that meet the economic interests of all participants in social production, reproductive sphere, disabled members of society, to create insurance funds and resources.

For the implementation of the reorientation of the economy requires large investments, so important issues are finding sources of structural reforms, the definition of the relationship between the means of the state in the form of budget allocations and own funds of enterprises.

The state budget as a tool for managing the economy has an impact on integrated social production as a financial instrument as an economic lever; and as an incentive.

The state budget is the central element of the financial system. There are different types of interconnection revenues, expenditures and government loans. The profitable part contains a list of incoming funds and expenditures - brings together all kinds of loans made. I.e. budget - is an economic category, which expresses the relations of production in the form of money arising between the state and other stakeholders in the process of social production distribution and redistribution of value of the social product.

The state budget is an instrument of public policy and the major source of funds for the implementation of the planned programs. Formation of a profitable part has now a lot of problems, so frequent adjustments of tax laws, aggravating the companies that have a negative impact on the manufacturing process, which means that the state budget. An important issue in the preparation of the budget is areas of budget expenditures related to the conduct of fiscal policy.

At the microeconomic level structure of the financial system constitute the primary finance - in enterprises and households. Their financial activities include two things: education funds (which occurs through the initial distribution of income), and expenditure of such funds. Revenues and expenses are balanced (balanced) as follows. At the enterprises of the state of finances is reflected in the profit and loss account (costs). In the household income received (from the use of factors of production) compared with the costs (current consumption and savings).

Primary finances on a macroeconomic level are the base of the secondary public finances. They are formed as a result of subsequent distribution (or redistribution) of the proceeds mainly through taxes. Taxes - compulsory payments to enterprises and households, which the government charges with the values of primary income.

One of the most urgent and fundamentally important issues today is to strengthen the financial system and ensure the output of the national economy on the path of growth and social development. This requires consolidation of efforts of the state apparatus as well as the general public, the intellectual potential of scientists and purposeful energy entrepreneurs. It is up to the overall effort, and effectiveness depends on the provision of irreversibility of the positive changes, which first met on the way to stabilize the economy and its exit from the crisis.

Prospects for the development of the financial system at the stage of building a market economy and the way of its human and professional software should be considered in the context of their role and impact on the functioning of our society. It is well known that the finances of the economy on the value equivalent to the circulatory system of the body. They create a close intertwining of specific financial spheres, such as - the budget, treasury, taxation, social security, banking or credit, if even be brought to the ideal state, cannot have a positive influence on the economy, since they are separate links in a single chain. They must be improved simultaneously.

This approach to the solution of urgent problems requires focus in the context of two planes: improving the evaluation of available financial system and mechanisms of its functioning, respectively, and evaluation of the needs of the modern professional financial service personnel and their ability to implement these tasks. After the establishment of the financial system - are not abstract form, they are represented by people who carry on their shoulders the heavy burden of today's financial problems. Only the professionalism and responsibility - the key to success in the formation of financial management and efficiency of the financial system influence on the socio-economic development of society.

Towards the end I would like to make personal conclusions on this paper:

The main problem in the financial sector, in my opinion, lies in the fact that the quantitative growth of budget revenues of Kazakhstan and all other important financial indicators achieved by the devaluation of the tenge against the dollar and the revenues from the oil industry, which could lead to deep economic recession, as all financial and economic system depends on the quotes of the raw materials on the world market;

Kazakhstan still has not developed a system of small business lending. This area of the economy is very important in a market economy, as the example of developed countries, it is clear that it is a large part of the GDP. Agriculture after the collapse of the Soviet Union found itself in a difficult situation, therefore a priority of the state at the moment is in lending through second-tier banks in the industry.

Kazakhstan has already begun the development of such important financial instruments as credit, deposit and lease. In a market economy, their role is to accelerate the formation of start-up capital, which is very important in Kazakhstan, where there is a lack of investment. Financial control is carried out in Kazakhstan financial police and the Ministry of Finance. At the moment, the regulatory framework concerning financial relations is still being reformed, but the situation is enough to regulate financial processes in Kazakhstan.

Today is an issue about the state budget surplus. It speaks poorly thought-out strategy of spending. In addition, despite repeated wage increase public sector employees, in our country are still going strong differentiation of cash income. The resolution of this issue in the future may lead to an increase in tax revenues of RK. Priority of the Republic of Kazakhstan today is, in my opinion, the settlement of the above problems.

The list of used literature:

1. Development Strategy 2050

2. Message of the President of the Republic of Kazakhstan to the people of Kazakhstan.

3. Sheremet A.D., Saifulin R.S. Finance companies. Textbook.