The National Fund: Another Two Trillion Tenge to Be Used

The Majilis accepted for consideration a bill on amendments to the law “On the Republican Budget for 2024–2026,” Orda.kz reports.

The Chairperson of the Majilis Committee on Finance and Budget, Tatyana Savelyeva, explained that the document was prepared due to changes in budget indicators in two main areas.

First, the updated revenue forecast for 2024 is defined with a decrease of two trillion tenge against the approved plan. At the same time, two trillion tenge are planned to be additionally taken from the National Fund of the Republic of Kazakhstan as a targeted transfer,
said Tatyana Savelyeva.

In addition, the Republican Budget's expenditures and deficit were revised, considering the government's decision to use the balance for 2023 – 61.3 billion tenge.

The Majilis also began considering draft laws on loans. The first is a loan from the Asian Development Bank for 52.3 billion yen (more than 167 billion tenge) with repayment in 15 years, including a grace period until June 1, 2027.

The loan funds are for maintaining the stability of the country’s economy within the approved size of the republican budget deficit for the planning period, Savelyeva added.

The second loan, 52.7 billion yen (more than 168 billion tenge), was provided by the Asian Infrastructure Investment Bank. It is also to be repaid in 15 years and has a grace period until June 1, 2027.

The National Bank Head, Timur Suleimenov, has repeatedly expressed concerns about withdrawing finances from the National Fund.

He believes that if significant and systemic measures to bolster Republican Budget revenues are not proposed within tax reform, there is a risk that additional withdrawals will be required in 2026-2027.

Original Author: Zhadra Zhulmukhametova