Qurultai deputies approved in the first reading the draft law "On the Republican Budget for 2027-2029". This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
According to the draft, over the upcoming medium-term period, the average annual growth rate of gross domestic product will be 5.4%. The target corridor for annual inflation is set at 7.5-9.5% in 2027 and is expected to decline to 6% by 2029.
As stated in the Qurultai's announcement, it is planned to reduce the republican budget deficit to 0.4% of GDP by the end of the period, while increasing own revenues to 23.4 trillion tenge. In addition, the volume of the guaranteed transfer from the National Fund will be gradually reduced and lowered to 2 trillion tenge.
In 2027, own revenues are projected at 19.9 trillion tenge. The bulk of these will consist of tax revenues. Transfers in the amount of 5.5 trillion tenge are also expected.
Republican budget expenditures are planned at 30.2 trillion tenge. More than a third of this is directed to human capital development through strengthened support for science, education and medicine. Other priority areas include support for regions, ensuring national security, servicing state debt and other tasks.
"In particular, 3.7 trillion tenge is allocated next year for the development of the real sector of the economy. The bulk of these funds will be directed to transport infrastructure, agriculture, industry, entrepreneurship and digital development," the announcement says.
During the consideration of the draft law, deputies raised a number of issues requiring special attention. These include improving the accuracy of macroeconomic forecasts and ensuring sustainable growth of the budget's own revenues. The need to reduce dependence on transfers from the National Fund while preserving its stabilization and savings functions was also noted.