BAKU, Azerbaijan, December 12. Kazakhstan’s new fiscal policy will enable the government to increase the assets of the National Fund of Kazakhstan to $100 billion, Alikhan Smailov, Prime Minister of Kazakhstan, said, Trend reports, citing the press service of the PM.
Smailov said that the measures taken by the Government will help stabilize the growth rate of budget expenditures in the coming years.
The prime minister added that implementation of the new Concept of Public Finance Management until 2030, which is a part of the pre-election program of the President of the Republic of Kazakhstan, has been launched.
"Countercyclical budget rules have been approved, which will allow reduction transfers from the National Fund by 1.4 trillion Kazakh tenge ($2.9 billion) in 2023 and stabilize the growth rate of budget expenditures," he said.
He also mentioned that implementation of the action plan to combat the shadow economy continues.
As a result of the steps taken, from January through November 2022 additional revenue of 900 billion Kazakh tenge ($1.9 billion) has been generated by the budget, he said.
Smailov also stated that the Government is looking to reduce the non-oil deficit to 5 percent by 2030 by implementing the new fiscal policy.