BAKU, Azerbaijan, Jun. 12
By Nargiz Sadikhova - Trend:
Kazakhstan needs to borrow a total of 2.4 trillion tenge ($6 billion) in order to cover the budget deficit, Kazakhstan’s Minister of Finance Yerulan Zhamaubayev said, Trend reports with reference to Kazakh media.
“The deficit of the budget is 2.4 trillion tenge this year and is to be covered through borrowing. Thus, two trillion tenge ($5 billion) are to be borrowed at the local market, whereas the remaining 400 billion tenge ($1 billion) at the foreign markets,” Zhamaubayev said.
He added that one of the most attractive foreign market for funds borrowing is the Russian market.
“If necessary, the borrowing will be carried out in Russian national currency (rubles). The Russian currency now strongly correlates with the Kazakhstan tenge rate,” he said.
Zhamaubayev added that state budget revenues amounted to 9.7 trillion tenge ($24.2 billion) in 2019, which is 119 billion tenge ($297.8 million) more than the planned volume. At the same time, 7.1 trillion tenge ($17.7 billion) came to the republican budget, which is 43 billion tenge ($107.6 million) more than the planned volume and 1.2 trillion tenge ($3 billion) more than in 2018.
"Ministry's current priority is to increase tax collection to 25 percent of country's GDP by 2025,” he said.
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