In 2017, the execution of the budget in terms of expenditures was 99.8%. This was announced by Minister of Finance Bakhyt Sultanov at the plenary session of the Senate of the Parliament of the Republic of Kazakhstan.

The meeting reviews the reports of the Government and the Accounts Committee for monitoring the execution of the National Budget on the execution of the National Budget for 2017.

“By the end of 2017, the economy grew by 4%. First of all, the growth of the economy was influenced by external economic factors, such as the booming oil, metals markets, increase in imports. Secondly, fiscal policy aimed at creating favorable conditions for the development of the economy of the Republic. Executed in the conditions of gradual revival of the economy, the National Budget is characterized by the following indicators. Budget revenues in the reporting period amounted to 9 trillion 799 billion tenge, or with an overfulfillment of 101.1%. Taxes in comparison with 2016 grew by 13%, respectively, the budget received 4 trillion 848 billion tenge. With regards to expenditure, the highest performance was achieved at 99.8%, or amounted to 11 trillion 156 billion tenge,” –B. Sultanov said.

The Minister noted that the increase in expenditures, compared to 2016, is 31.2% due to the implementation of measures aimed at accelerating technological modernization of the economy and maintaining macroeconomic stability. The source of funding for these measures was funds from the National Fund, attracted in the form of targeted transfers.

As B. Sultanov informed, in 2017 about 4 trillion tenge were allocated to the social sphere. In the total volume of expenditures of the National Budget, their share was 33.7%. The share of social expenditures excluding one-time costs for maintaining the banking sector, compared with last year, increased from 39% to 41.4%. The budget deficit amounted to 1 trillion 357 billion tenge. This is 2.6% of GDP and below the plan by 129 billion tenge.

KAZINFORM

Published: 11 June 2018

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