BAKU, Azerbaijan, June 8
Trend:
First Deputy Prime Minister of the Republic of Kazakhstan Alikhan Smailov spoke about the expected reduction in transfers from the Kazakhstan National Fund, Trend reports referring to Kazinform news agency.
"The gradual reduction in the consolidated and non-oil deficit is taken into account and the stability of state spending amid volatile oil revenues is ensured upon the rules," Smailov wrote in response to the MPs’ request. "The mechanism of the countercyclical budget rule will be applied in the formation of the country’s budget for 2023."
"The amount of the guaranteed transfer from the National Fund will be gradually reduced," the first deputy prime minister said.
"It is envisaged to reduce the guaranteed transfer to 2.7 trillion tenge ($6.3 billion) in 2021, to 2.4 trillion tenge ($5.6 billion) in 2022, to 2.2 trillion tenge ($5.1 billion) in 2023," Smailov added.
"Moreover, on behalf of the president of the Republic of Kazakhstan, the guaranteed transfer will be targeted to ensure social and infrastructural development from 2021," the first deputy prime minister added.
"The above-mentioned measures are aimed at preventing the reduction of assets of the National Fund and at accumulating funds in the long term," the first deputy prime minister said.
Earlier, the first deputy prime minister answered the MPs’ request regarding the termination of the unlimited withdrawal of funds from the National Fund for current budget expenditures and the refusal from annual guaranteed transfers to the budget.