Kazakhstan Parliament approved amendments to a three-year republican budget

26 April, 2018, 12:57 396
Kazakhstan Parliament approved amendments to a three-year republican budget

The amendments of the expenditure part of the republican budget are aimed at the implementation of the addresses and five social initiatives of the President of Kazakhstan.

Deputies of the Senate of the Parliament of the Republic of Kazakhstan adopted the law of the Republic of Kazakhstan “On the introduction of amendments and additions to the law of the Republic of Kazakhstan “On the republican budget for 2018-2020,” BNews.kz correspondent reports.

The draft law was developed on the base of the specified macroeconomic indicators for 2018-2022 and focuses to implement the annual addresses of the head of state and five new social initiatives of the President.

As finance minister of Kazakhstan Bakhyt Sultanov noted, the forecast of macroeconomic indicators for 2018 was specified taking into account the situation in the world economy, conditions in commodity markets and preliminary results of the development of all sectors of Kazakhstan’s economy in 2017 and for January-February of 2018.

“According to the basic scenario, the oil price in 2018 has been increased from 45 US dollars per barrel to 55 US dollars per barrel. The forecast on oil production increased by 1 million tons and resulted 87 million tons. The nominal GDP in 2018 is estimated in the volume of 57 206.7 billion tenge, that is by 1 300.6 billion tenge more than the forecast passed in August of 2017,” he said.

At the same time, inflation will remain by the end of the year following the forecast of the National Bank of Kazakhstan in the planned target range of 5-7%.  

As the conclusion of the Committee of the Senate of the Parliament says, the ground for reviewing the income of the republican budget for 2018 was the clarification of the parameters of macroeconomic indicators, calculations, using the actual income following 2017.

The clarified forecast of income of the republican budget (without transfers) for 2018 was defined in the amount of 5 718.2 billion tenge or increased by 189.8 billion tenge, including the increase in tax revenue by 196.3 billion tenge and decrease in non-tax revenue by 6.5 billion tenge. Increase in income of the republican budget according to several articles against the approved plan is projected by 333.3 billion tenge.

At the same time, according to other articles, the decrease by 143.5 billion tenge by the reduction of receipt of dividends to the state package of assets of NC Astana-EXPO 2017 and one-time revenues is considered.

Transfers for 2018 are provided in the total amount of 2 918.4 billion tenge or along with the decrease by 3 billion tenge.  

Paying budget loans for 2018 is provided in the amount of 123 billion tenge or with the decrease by 5.3 billion tenge.

At the same time, it is proposed to set the reserve of the Government of the Republic of Kazakhstan in the amount of 77.5 billion tenge or with the decrease of 19.2 billion tenge. Deficient of the republican budget for 2018 will be 883.2 billio tenge or 1.5% of the GDP. The oil budget deficiency for 2018 is 4 330.5 billion tenge or 7.6% of the GDP. The specified forecast of revenue of the National Fund for 2018 was defined in the amount of 2 005.1 billion tenge.

In turn, as Senator Olga Perepechina noted, the clarified volume of expenditures of the republican budget for 2018 is 9 642.9 billion tenge with an increase of the approved budget by 425 billion tenge, which are spent to implement the addressees of the head of state and five social initiatives of the President, to implement obligations taken and the President’s instructions.

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