Kazakhstan's Financial Center Transferred to Ministry of Finance

The Financial Center, a key state-owned company responsible for funding educational programs in Kazakhstan, has been placed under the management of the Ministry of Finance. This move follows a similar transfer of the Social Health Insurance Fund (SHIF) to the same ministry.

The transfer was formalized by a corresponding government decree. According to information from the Ministry of Finance, both organizations—the SHIF and the Financial Center—were brought under its purview during 2025-2026. The ministry stated there are currently no plans to transfer other state organizations for 2026-2027.

The Financial Center acts as a financial operator for various educational initiatives. Its core functions are financial and administrative; it does not directly manage schools or universities. Key responsibilities include administering state-guaranteed student loans, monitoring graduates' obligations who studied on state grants, participating in state order programs for education, financing educational infrastructure like dormitories, supporting private school funding mechanisms, and managing the state educational savings system.

Following the transfer, the company will continue to operate within the existing corporate governance framework for quasi-public sector entities. It will be required to approve development plans, report regularly on their implementation, and undergo performance evaluations. Oversight will be conducted through its board of directors, executive body assessments, internal audit, and internal control systems.

The decision regarding the SHIF preceded this move. An analysis of its work revealed numerous violations and inefficient spending, including cases of double financing, uncoordinated IT systems, fabricated medical services records, and anomalous numbers of patient visits to certain doctors. Prime Minister Olzhas Bektenov subsequently ordered its transfer to the Ministry of Finance to strengthen control over health insurance finances.