BAKU, Azerbaijan, Aug. 24
By Klavdiya Romakayeva - Trend:
Non-oil revenues to the republican budget of Kazakhstan will increase by 25 percent in 2022, Minister of Finance of Kazakhstan Yerulan Zhamaubayev said at a government meeting, Trend reports referring to Kazinform international news agency.
During the meeting of the government of Kazakhstan, the draft Law "On the republican budget for 2022-2024" was submitted for consideration.
According to the information, the draft law was developed taking into account the latest changes in budgetary legislation, based on the forecast of the country's socio-economic development until 2025 and is aimed at improving the well-being of every citizen, a gradual economic recovery.
According to Zhamaubayev, revenues for 2022 are projected at 13 trillion tenge ($13 billion), with an increase of 431 billion tenge ($1 billion) to this year's plan. Non-oil revenues are foreseen with an increase of 1.8 trillion tenge ($4.2 billion) or 25 percent. Revenues for oil revenues are planned to decrease by 1.3 trillion tenge ($3 billion), in connection with a gradual return to the regime of accumulation of funds in the National Fund. The guaranteed transfer is determined next year at 2.4 trillion tenge ($5.6 billion) with a decrease to two trillion tenge ($4.7 billion) by 2024.
“As a result, the share of non-oil revenues will grow from 5-6 percent this year to 7.4 percent in 2024. The revenues of the republican budget, excluding transfers, will amount to 9.2 trillion tenge ($21 billion) in 2022, 9.7 trillion tenge ($22.8 billion) in 2023, and 10.4 trillion tenge ($24.5 billion) in 2024. The budget deficit is planned with a gradual reduction from 3.3 percent of GDP in 2022 to 2.5 percent in 2024,” Yezhamaubayev said.
The minister also noted that the expenditures of the republican budget were formed taking into account national priorities until 2025. In 2022, expenses will amount to 15.9 trillion tenge ($37.4 billion), with an increase from the current year's plan by 577 billion tenge ($1.3 billion). At the same time, the share of the social sector in the structure of expenditures will amount to 50 percent.
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