State Budget Aiming for Zero Deficit by 2030

The Deputy Prime Minister and Minister of National Economy, Serik Zhumaniyazov, recently presented the main parameters of a document that outlines the country's development forecast for the period 2026-2035. According to the document, the Government's review covers the country's development forecast for the next decade.

The Vice-Premier highlighted several key points, including a gradual decrease in the budget deficit, reaching zero level starting from 2030. To reduce dependence on the raw materials sector, the size of the guaranteed transfer from the National Fund is planned to decrease gradually, starting from 2029, to 2 trillion tenge.

State budget revenues in 2035 are forecasted to reach a significant figure of 66.8 trillion tenge. In the base scenario, the nominal GDP is expected to reach 473.2 trillion tenge by 2035. To achieve this, an average annual GDP growth over 10 years is expected to be 4.5%.

The Vice-Premier emphasized that the budget deficit is determined with a gradual decrease, reaching 0.4% of GDP in 2029. The guaranteed transfer from the National Fund is planned to decrease gradually, starting from 2029, to 2 trillion tenge.

The President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, has instructed the Government to ensure the long-term balance of state finances. The Vice-Premier made the statement about the budget deficit and the guaranteed transfer, underlining the importance of these changes for the country's economic stability.

Three development scenarios were considered: base, moderate, and alternative. These scenarios provide a comprehensive view of the potential economic growth and budget deficit levels, helping the Government to make informed decisions for the future.

In conclusion, the Government's review presents a positive outlook for Kazakhstan's economy, with a focus on reducing dependence on raw materials and achieving a balanced budget. The forecasts indicate a gradual increase in state budget revenues, reaching 66.8 trillion tenge in 2035, and a nominal GDP of 473.2 trillion tenge by the same year. The Government's commitment to ensuring the long-term balance of state finances, as instructed by the President, is a promising step towards a stable and prosperous future for Kazakhstan.