Kazakh Government Plans to Continue to Reduce State Share in Economy

ASTANA – The Kazakh Ministry of Finance held an expanded meeting chaired by Prime Minister Alikhan Smailov on Jan. 19 to address the results of 2022 and outline the main tasks for the coming period, reported the Prime Minister’s press service.

Finance Minister Yerulan Zhamaubayev (L) and Prime Minister Alikhan Smailov (R). Photo credit: Kazakh Ministry of Finance

Finance Minister Yerulan Zhamaubayev focused on key figures of the past year. The economic growth in the country reached 3.1 percent in 2022. Revenues exceeded the budget plan by 4.4 percent or 15.7 trillion tenge (US$33.9 billion). State budget expenditures were executed by 98 percent.

Out of 675 companies included in the five-year privatization plan, 367 were sold. This brought 308 billion tenge (US$665.2 million) in revenue. This year, another 168 entities will be sold, according to Zhamaubayev. 

“The list of facilities subject to privatization in 2023 includes 168 entities, four of which are state owned, 35 are in communal ownership, 89 belong to national holdings and companies and 40 are socio-entrepreneurial corporations (SECs). This will bring the implementation of the privatization plan to 90 percent by the end of 2023,” said Zhamaubayev.

The share of the state participation in the economy should decrease to 14 percent by 2025. 

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