President Tokayev Discusses Nation’s Budget Planning With Top Officials

NUR-SULTAN – Quality and effective distribution of financial resources are necessary for national budget planning, said President Kassym-Jomart Tokayev during the meeting with Prime Minister Alikhan Smailov, Head of Presidential administration Murat Nurtleu, National Bank Chairman Galymzhan Pirmatov and other top officials on Aug. 23.

Country’s top officials attended meeting chaired by President Kassym-Jomart Tokayev. Photo credit: Akorda

It is reported that the country’s real gross domestic product (GDP) growth this year will be at least 3 percent and will reach 4 percent in 2023. Nominal GDP is projected to grow from 103.6 trillion tenge (US$217.1 billion) in 2022 to 120.7 trillion tenge (US$253 billion) in 2023. An increase in tax revenues from 10.5 trillion tenge (US$22 billion) to 13.5 trillion tenge (US$28.3 billion) in 2023 is supposed to drive budget revenue.

A sharp decrease in guaranteed transfers from the National Fund from more than 4 trillion tenge (US$8.5 billion) in 2022 to 2.2 trillion (US$4.7 billion) in 2023 has a positive impact on the draft national budget. The reduction of the non-oil deficit from 8.3 percent to 6.8 percent in 2023 will also benefit macroeconomic stability.

The President approved the socio-economic development forecast for 2023-2027, as well as the draft national budget for 2023-2025, taking into consideration the points discussed during the meeting.

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