Finance Minister explains reason for 336 billion tenge shortfall in budget

Finance Minister Madi Takiev explained the reason for the shortfall of 336 billion tenge in revenues to the republican budget for the first half of 2026. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.

According to the minister, the main reason for the revenue shortfall is the decline in oil prices and the slowdown in economic activity. He also cited factors that affected the decrease in tax revenues.

"According to our estimates, the decline in oil prices led to a shortfall of about 200 billion tenge in budget revenues. The remaining amount is due to the slowdown in economic activity," Takiev said.

The minister said that additional borrowing and spending cuts are being considered to cover the budget deficit. He also noted that the government intends to maintain fiscal discipline.

"We will take all necessary measures to ensure the execution of the budget. The volume of additional borrowing could reach 500 billion tenge," Takiev added.

According to the Ministry of Finance, budget revenues for the first half of 2026 amounted to 5.2 trillion tenge, which is 6.5% less than planned. Expenditures reached 5.8 trillion tenge, with a deficit of 600 billion tenge.

According to the minister, no funds from the National Fund are planned to cover the budget deficit. Instead, the government plans to borrow from domestic and foreign markets.

"We will not draw funds from the National Fund to maintain its stability. The main source of borrowing will be the domestic market," Takiev said.

According to experts, the budget revenue shortfall is due to the slowdown in economic growth and the decline in oil prices. They note that the government's measures to cut spending and borrow are temporary.

"Government borrowing will help cover the budget deficit, but this is not a long-term solution. It is necessary to stimulate economic growth and expand the tax base," said economist Askar Nurtayev.

The Ministry of Finance will continue to take measures to reduce the budget revenue shortfall until the end of the year. According to the minister, the annual plan is expected to be fulfilled at 95-97%.