Kazakhstan signed the law "On the republican budget for 2023-2025", Kazinform reports.
The Senate of the Parliament of Kazakhstan introduced 57 amendments to the budget bill for a total of 71.8 billion tenge, including: in 2023 - 30 billion tenge, in 2024 - 29 billion tenge, in 2025 - 12.8 billion tenge. These expenses are aimed at the development of roads, providing the population with drinking water and natural gas, as well as supporting the regions.
The basic scenario was taken as the basis for the formation of the forecast and budget parameters. It assumes an oil price of $85 per barrel. The average annual real GDP growth will be 3.9%. Inflation is defined in 2023 at the level of 7.5 - 9.5%, in 2024 - at the level of 4 - 5%, in 2025 - 2027 - 3 - 4%. Real GDP growth is expected to accelerate from 4% in 2023 to 4.2% in 2027. Nominal GDP will grow from 120.7 trillion tenge to 176.6 trillion tenge. Oil production in 2023 will amount to 92.6 million tons with an increase in 2027 to 99.9 million tons.
The revenues of the republican budget in 2023 are projected at the level of 11.5% of GDP, with an increase of 37% from the revised plan for the current year. In the planning period, they are expected to grow by 17.2% by 2025.
Republican budget expenditures are projected to gradually increase from 21 trillion tenge in 2023 to 22.7 trillion tenge in 2025. In relation to GDP, they are projected to decline from 17.4% in 2023 to 16% in 2024-2025.
At this point, officially $1 is equal to 468 Kazakh tenge.
Photo: Zhanara Karimova
CentralasianLIGHT.org
Dec. 1, 2022