BAKU, Azerbaijan, January 19. Kazakhstan needs to gradually reduce the budget deficit as a part of the implementation of the concept of public finance management, Yerulan Zhamaubayev, Minister of Finance of Kazakhstan, said, Trend reports, citing Kazakh media.
Earlier, Kazakhstan has previously approved the 2023 budget with 17.8 trillion Kazakh tenge ($38.39 billion) worth of revenues, while expenditures were set at 21 trillion Kazakh tenge ($45.29 billion) or 17.4 percent of GDP.
According to the minister, the budget deficit for the current year was changed from 3.3 percent to 2.7 percent of GDP compared to the preceding year.
“This will help curb the excessive growth of public debt. Deficit financing is planned mainly in the domestic market”, Zhamaubayev added.
The minister noted that other tools will be used in case of a domestic liquidity shortage, including loans from international financial organizations and the issuance of bonds in foreign markets.
“The work on including government securities in international indices, as well as attracting Euroclear (Belgium-based financial services company that specializes in the settlement of securities transactions) to the Kazakh stock market, continues. This will provide additional liquidity to finance the budget deficit”, the minister said.