NUR-SULTAN – The Kazakh Government has adopted the budget for 2022-2024 at their meeting on Tuesday. Minister of Finance Erulan Zhamaubayev spoke about the draft budget plan during the meeting.
He said, “the draft law has been developed taking into account the latest changes in budget legislation and is aimed at improving the well-being of each citizen and the gradual economic recovery.”
“Revenues for 2022 are projected at 13 trillion tenge (US$30.6 billion) with an increase to the plan for the current year by 431 billion tenge (US$1 billion). The growth of non-oil and gas revenues is projected at 1.8 trillion tenge (US$4.2 billion) or 25.1 percent,” said the minister.
Oil revenues are planned to decrease by 1.3 trillion tenge (US$3 billion).
“The guaranteed transfer is determined in the next year at 2.4 trillion tenge (US$5.6 billion) with a decrease to 2 trillion tenge (US$4.7 trillion) by 2024,” he said.
The share of non-oil revenues is expected to grow from 56.4 in 2021 to 71.4 percent in 2024.
At the same time, the budget deficit is projected to gradually reduce from 3.3 percent of
GDP in 2022 to 2.5 percent of GDP in 2024.
Budget expenditures in 2022 will amount to 15.9 trillion tenge (US$37.4 billion) with an increase from the plan for the current year by 577 billion tenge (US$1.3 billion).
He said that social spending will remain a priority.
“In the structure of expenditures, the share of the social sector is 50 percent. Thus, eight trillion tenge (US$18.8 billion) is planned for the social sector in 2022, with an increase of 515 billion tenge (US$1.2 billion) compared to the budget of the current year. Growth of expenses is associated with annual indexation and an increase in the number of citizens receiving pensions and benefits, as well as an increase in salaries of teachers and doctors,” said the minister.
Around two trillion tenge (US$4.7 billion) will be allotted for the development of the real economy in 2022, including major Nurly Zhol, Nurly Zher, industry, and business development projects.
The government also continues its efforts to transform state programs into national projects, said Zhamaubayev.
Now that the budget has been approved by the government, it needs to be approved by the country’s Parliament.