New three-year draft national budget approved by Majilis
ASTANA. KAZINFORM Deputies of the Lower Chamber of the Kazakh Parliament approved today the draft law "On National Budget for 2016-2018", Kazinform reports.
The bill was developed with the consideration of the country’s socio-economic development forecast review for 2016-2020. Besides, the Ministry revised the parameters of the 2016-2018 budget.
Presenting the document, Minister of National Economy E.Dossayev said that real economic growth in a mid-term outlook will make 2.1% in 2016, 3.6% in 2017, 2.9% in 2018, 3.0% in 2019 and 3.2% in 2020. Nominal GDP is forecast at 45 trln 530 bln 500 mln tenge that is 1 trln 525 bln 300 mln tenge higher against the indicator approved in August. By 2020 this figure will be increased by 63 trln 991 bln 500 mln tenge. Per capita GDP will rise from 8,600 U.S. dollars in 2016 to 11,500 U.S. dollars in 2020.
Fiscal revenues (excluding transfers) are expected to reach 3 trln 665 bln 300 mln tenge in 2016, i.e. 152 bln 100 mln higher compared to the August forecast. In 2017 this figure is to make 3 trln 866 bln 900 mln tenge (+142 bln 700 mln tenge), and in 2018 it will be 4 trln 195 bln tenge (+ 63 bln 500 mln tenge).
Alongside, the volume of the annual guaranteed transfer from the National Fund in 2016-2018 will make 2 trln 400 bln tenge without 15% rise.
Target transfers from the National Fund will rise from 461 blln 500 mln tenge to 567 bln tenge. The amount of the NF target transfer for Nurly Zhol program's implementation will make 900 bln tenge in 2017.
Budget deficit in 2016-2018 remains at an earlier defined range (723 bln 400 mln tenge in 2016 or 1.6% against GDP, 600 bln 800 mln tenge in 2017 or 1.2% against GDP, and 552 bln 300 mln tenge in 2018 or 1% against GDP).
As a result, budget spending in 2016 is forecast at 7 trln 666 bln 700 mln tenge (+347 bln 800 mln tenge compared to the August forecast). In 2017 this figure will be 8 trln 124 bln 400 mln tenge (+393 bln 300 mln tenge) and in 2018 it will make 7 trln 621 bln 100 mln tenge (+ 164 bln 100 mln tenge).
“Today you have backed the draft budget for 2016-2018, the main document of the country’s economic policy. On behalf of the Government, I would like to thank the deputies for support of this bill and other packages of reforms submitted by the Cabinet,” Prime Minister Karim Massimov said following the plenary session.