Budget expenditures of Kazakhstan increased by KZT 2.7 trln

At a meeting of the Government chaired by the Prime Minister of the Republic of Kazakhstan Alikhan Smailov, an updated Forecast of the socio-economic development of the Republic of Kazakhstan for 2022-2026 and the republican budget for 2022-2024 was approved, Kazpravda.kz reports citing the Prime Minister's press service.

The Ministers of National Economy of the Republic of Kazakhstan, Alibek Kuantirov, and Ministers of Finance, Erulan Zhamaubaev, made reports.

At the meeting, an updated Forecast of macroeconomic indicators for the current year was presented, taking into account the current global political and economic situation.

According to the Ministry of National Economy, taking into account the current situation, the country's real GDP growth has been reduced from 3.9% to 2.1%. Nominal GDP is expected to be 91.5 trillion tenge, which is 4.5 trillion tenge higher than the approved forecast. According to forecasts, exports will increase to $67.5 billion, imports - up to $41.2 billion. Inflation is defined in the range of 8-10%.

It should be noted that the draft republican budget, first of all, is aimed at the full and timely fulfillment of all social obligations of the state, as well as ensuring the high-quality and sustainable development of the economy in the current conditions.

According to the Ministry of Finance of the Republic of Kazakhstan, the income of the republican budget (excluding transfers) in 2022 is estimated at 10,162 billion tenge, which is 955 billion tenge higher than the approved plan. It is proposed to determine the expenses of the republican budget in the amount of 18,795 billion tenge with an increase of 2.7 trillion tenge relative to the adjusted volume.

The Prime Minister of the Republic of Kazakhstan said that in order to ensure the balance of the republican budget, the amount of the guaranteed transfer from the National Fund will be adjusted.

“Additional expenses will be directed to the implementation of the instructions of the Head of State K. Tokayev announced in January this year, at the expanded meeting of the Government and within the framework of the new Message to the people of Kazakhstan, as well as to fulfill the previously accepted urgent obligations,” Alikhan Smailov assured.

The funds are planned to be used to restore state property and urban infrastructure after the January events, ensure financial and economic stability, as well as support the population, business and real sector of the economy.