Kazakhstan's Kurultai approves three-year republican budget draft in first reading

Deputies of Kazakhstan's Kurultai approved in first reading a draft republican budget for three years. According to Egemen.kz, the document aims to maintain macroeconomic stability, fulfil all social obligations and accelerate infrastructure development, as set out by the Head of State.

The Kurultai's press service said the draft projects average annual GDP growth of 5.4% over the medium term. The annual inflation target corridor is set at 7.5-9.5% in 2027 and is expected to fall to 6% by 2029. By the end of the period, the budget deficit is planned to be cut to 0.4% of GDP.

For 2027, own revenues are forecast at 19.9 trillion tenge and transfers at 5.5 trillion tenge, while expenditures are planned at 30.2 trillion tenge. More than a third will go to developing human capital through support for science, education and medicine. Deputies called for greater forecast accuracy and reduced dependence on transfers.