Kazakhstan Government amends 2019 budget
According to Ruslan Dalenov, Minister of National Economy of the Republic of Kazakhstan, who addressed the Government session, the revenues of the Government Budget (excluding transfers) in 2019 are estimated at KZT 7 trillion, which is KZT 200.4 billion higher than the plan approved.
"The major increase is expected for VAT (by KZT 202.3 billion), export customs duties on crude oil (by KZT 20.4 billion), and non-tax revenues (by KZT 2.1 billion)," he informed.
According to him, to finance new initiatives (within the Presidential State-of-the-Nation addresses, instructions set at the XVIII Congress of the Nur Otan Party), in 2019, it is proposed to increase a guaranteed transfer from the National Fund by KZT 250 billion from KZT 2,450 billion to KZT 2,700 billion and increase the budget deficit from 1.5% to 2.1% of GDP.
"Taking this into consideration, the respective Draft Law ‘On the introduction of amendments to the Law On the guaranteed transfer from the National Fund of the Republic of Kazakhstan for 2019-2021,' is submitted," the minister clarified.
Besides, this also provides for a KZT 370 billion target transfer from the National Fund for creating a direct investment fund. In addition, in view of the revenues and use, the National Fund net revenues will be positive (KZT 165.4 billion), Ruslan Dalenov highlighted.
"In 2019, the non-oil deficit will not exceed 8.4% of GDP. The Government Budget expenditures are projected at KZT 11.9 trillion (KZT 11,895.2 billion) with an increase of KZT 1.2 trillion (KZT 1,168.1 billion) in contrast to the amount approved," Dalenov concluded.