The Senate of the Parliament has held a presentation of a package of bills aimed at forming the National budget for 2018-2020.

Minister of National Economy Timur Suleimenov presented to Senators the Forecast of the country's socio-economic development for 2018-2022 and the bill “On Guaranteed Transfer from the National Fund of the Republic of Kazakhstan for 2018-2020”.

According to the speaker, the basis for the generation of the forecast of the country’s socio-economic development for the forthcoming period is a basic scenario, in which the price for oil is 45 USD per barrel. Real GDP growth is projected at 3.1% in 2018, with subsequent growth to 4.2% in 2022. Nominal GDP will grow from 55 906.2 billion tenge in 2018 to up to 75 875.4 billion tenge in 2022. GDP per capita will be 9.0 thousand USD in 2018, with an increase to 11.7 thousand USD in 2022. T. Suleimenov said that the amount of the guaranteed transfer from the National Fund for 2018 was determined in the amount of 2.6 billion tenge, for 2019 - 2.3 billion tenge, for 2020 - 2.0 billion tenge.

Deputy Chairman of the National Bank Alpysbai Akhmetov informed the deputies about the financial regulator’s monetary policy. He stated that ensuring price stability is the National Bank’s main priority.

The target inflation range is set at 5-7% for 2018, with a further gradual decrease to 4% by 2020.

KAZINFORM

Published: 19 October 2017

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