Kazakhstan reports drop in national fund income for 1Q2025
In Q1 2025, Kazakhstan saw a decline in tax revenues to the National Fund, with a 47 percent drop to 547 billion tenge (about $1.04 billion), mainly due to lower oil prices. Despite an overall 4.8 percent increase in total tax revenues, local budgets grew by 16 percent, driven by small business growth. However, the national budget faced underfinancing of 1.1 trillion tenge (about $2.09 billion), prompting the government to borrow 1.5 trillion tenge (around $2.85 billion) to cover the deficit. Analysts are concerned about the National Fund’s stability due to these challenges.
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