Majilis approves Law on Republican Budget for 2025-2027
Prime Minister Olzhas Bektenov and members of the Government took part in the plenary session of the Majilis of the Parliament of the Republic of Kazakhstan, El.kz cites primeminister.kz.
The deputies considered and adopted the draft laws "On the Republican Budget for 2025-2027", "On guaranteed transfer from the National Fund of the Republic of Kazakhstan for 2025-2027" and the Forecast of socio-economic development of the country for 2025-2029, introduced by the Government.
Deputy Prime Minister – Minister of National Economy Nurlan Baibazarov presented to the deputies the draft law "On guaranteed transfer from the National Fund for 2025-2027" and the Forecast of socio-economic development of the country until 2029.
The Law "On guaranteed transfer from the National Fund of the Republic of Kazakhstan for 2025-2027" is developed on the basis of the provisions of the Budget Code. It sets the cut-off price for oil at $42.3 per barrel in 2025, $41-$39.4 per barrel in 2026-2027. Taking this into account, the size of the guaranteed transfer to the republican budget for 2025-2027 is determined in the amount of 2 trillion tenge annually.
The base scenario with oil price of $75 per barrel and dollar exchange rate of 470 tenge is taken as a basis for the formation of the Forecast of socio-economic development of the country until 2029. It is expected that real GDP growth in 2025 will be 5.6%, average annual growth over 5 years is 5.4%. In this case, positive dynamics is projected in all sectors of the economy of Kazakhstan: the average annual growth rate in industry will be 4.1%, including manufacturing industry 5.8%, mining industry 2.9%. In agriculture, the average annual growth will be 5.3%, in construction 9.3%, transport services 8.2%, trade 7.1%.
In addition, exports of Kazakhstani goods are forecast to grow to $90bn in 2029 and the republican budget revenues are expected to increase to 18.2 trillion tenge in 2027, or by 16.4%. The main growth will be provided by the pace of economic development, improvement of tax administration and reduction of the share of shadow economy.
When presenting the draft law "On the Republican Budget for 2025-2027" to the deputies, Finance Minister Madi Takiyev noted that the revenues to the national budget in 2025 will amount to 21.7 trillion tenge with an increase of 1.2 trillion tenge against the plan of the current year. At the same time, the budget remains socially oriented. Total for the social sphere in 2025 is planned to allocate 9.8 trillion tenge with an increase to the current year by 862 billion tenge. It is noted that the bill was amended to improve the quality of life of the population and the development of regions. In addition, the expenditures are provided for the provision of clean drinking water, the development of heat, electricity, transport, engineering and communications infrastructure, the development of regions, the implementation of the project "Auyl - el besigi".
Social security and provision of social assistance to the citizens of the country is a priority. Expenditures on social payments for 2025 are envisaged in the amount of 6 trillion tenge, taking into account the indexation of social payments and the increase in the number of their recipients. Over 1 trillion tenge will be allocated for the development of education in 2025 with an increase of 73 billion tenge. 7.6 trillion tenge is envisaged for the health care system for the period from 2025 to 2027, including 2.4 trillion tenge in 2025 with an increase of 180 billion tenge.
Regions will be allocated 7.5 trillion tenge from the national budget in 2025 with an increase of 405 billion tenge. It is also important to support the development of the real sector of the economy: 2.1 trillion tenge is envisaged for this direction in 2025.
During the plenary Government session, members of the Government answered questions from parliamentarians. Thus, Majilis deputy Askhat Rakhimzhanov addressed a question to the Prime Minister regarding the plans for the Government's fulfilment of the President's instruction to ensure the growth of Kazakhstan's economy to $450 billion by 2029.
"According to the Forecast of socio-economic development of the country for 2025-2029, the base scenario, annual GDP growth, on average, is planned at the level of 5.4 per cent. If this figure is achieved, the country's Gross Domestic Product will increase from $321bn in 2025 to $498bn in 2029. Thus, the task set by the Head of State to bring GDP to $450bn by 2029 will be fulfilled. But the Government sets higher benchmarks in its work, which are envisaged in the approved National Development Plan of the Republic until 2029. According to this document, the annual GDP growth should be from 5.6 % to 6.9 % per year. This is a very ambitious task. In order to achieve such indicators, it is necessary to actively work on diversification of the economy, increase its complexity, organise the launch of production of high-value-added products in the country, and move away from dependence on raw materials. As you know, according to the results of 9 months of the current year, GDP growth was 4%.Moreover, the growth was achieved against the background of a decline in oil production. That is, we are growing at the expense of other, non-oil industries. The economy is developing at the expense of agriculture, which grew by 11.4%. At the expense of transport and trade, which showed growth above 6%.Construction grew by more than 10%.Thus, growth in these sectors allows us to support the economy. Of course, this is not enough. We realise this, and therefore we will work and are already working on a key issue: attracting serious amounts of investment into the economy to implement major industrial and infrastructure projects in the country. One of the points of growth will be the implementation of the National Infrastructure Development Plan, which provides for very serious investments in infrastructure. Also, as instructed by the President in his Address, a new National Project to modernise the housing and utilities system is at the final stage of development. The National Project envisages a total investment of about 10 trillion tenge until 2029-2030. The project will bring serious upgrades to the engineering infrastructure, which, as you know, is in a rather deplorable state. These are great reserves for our domestic business. In the National Project, we envisage preferential purchase of all goods, works and services from domestic entrepreneurs. Thus, there is a lot of work to be done to achieve the ambitious goals. The instruction of the President will be unambiguously fulfilled," Prime Minister stressed.
First Deputy Minister Roman Sklyar, Deputy Prime Minister - Minister of National Economy Nurlan Baibazarov, Deputy Prime Minister - Minister of National Economy Tamara Duisenova, Ministers of Finance Madi Takiyev, of Science and Higher Education answered the questions of the deputies concerning GDP growth, budget planning, development of regions, key sectors of the economy, social support of the population, passing of the heating season, repair of roads, water supply, accessibility of the Internet, provision of medicines to the population, activities of the domestic film industry, etc.
Following the plenary session, the Prime Minister thanked the deputies of Majilis for supporting the bill on the republican budget and constructive discussion. Olzhas Bektenov stressed that members of the Government worked closely with the deputy corps and this practice would be continued.
Subscribe to our Telegram channel and be the first to know the news!