During today’s press conference following the Government meeting, Minister of Finance Bakhyt Sultanov elaborated on the mechanism for financing actions outlined in the Annual Address of the Head of State to the People of Kazakhstan.

According to the Minister, to date the Republic has budgetary surplus in the amount of 125 billion tenge and over 100 billion tenge of local budget surpluses.

“Every year they are the reason for budget updates. This time they will also be used to implement the tasks set out by the President in his Address,” – Bakhyt Sultanov clarified.

The Minister of Finance stressed that currently there are preliminary calculations under way. The final numbers will be known after the Nationwide Plan for implementing the Address is finalized.

“After that we will begin appropriate preparations to ensure the financing of all actions outlined in the Address of the Head of State,” – Bakhyt Sultanov said.

As for the accountability for failing to fully apply the budget, according to Bakhyt Sultanov, here the Ministry of Finance has conducted work with all local and central authorities, preliminary decisions have been made.

Earlier, during the Government meeting, the Minister of Finance announced the preliminary results of the 2017 National Budget execution.

“National Budget revenues totaled 102.2% of the plan, 7153 billion tenge were collected. Compared to last year, growth amounted to 10.9%” – Minister B. Sultanov reported.

The National Budget received revenues in the amount of 5012 billion tenge, or 101.2 % of the plan. Overfulfilment amounted to 59 billion tenge. Own revenues of local budgets totaled 104.6%, which is an overfulfilment of 95 billion tenge.  The revenues of local budgets amounted to 2142 billion tenge, or 104.6%.

In addition, in 2017 the execution of the National Budget was all-time efficient – 99.8% or 11 156 billion tenge (98.3% in 2016). Expenditures grew 8% compared to 2016.

The funds allocated under the Nurly Zhol State Program have been executed 99.9% (472.3 billion tenge). Funds are directed to:

- The development of transport and logistics infrastructure - 325.8 billion tenge;

- The development of industrial infrastructure - 16.3 billion tenge;

- Housing and communal services and housing construction - 51.7 billion tenge;

- The development of infrastructure in the sphere of education - 68.1 billion tenge;

- Kazakhstan’s share in joint projects with MFIs - 10.4 billion tenge.


Published: 11 January 2018



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