Kazakhstan to spend KZT9.9trln on social sphere in 2024

Minister of Finance Yerulan Zhamaubayev presented the document and said that the bill had been developed in line with the Budget Code based on the country’s 2028 Socio-Economic Development Forecast.

According to him, budget parameters comply with the budget legislation rules on guaranteed transfer, income growth rates and budget deficit.

Thus, the Ministry expects budget revenues to be at 20.4 trillion tenge in 2024 (20.1 trillion tenge in 2025, 21.2 trillion tenge in 2026).

Next year, the transfers from the National Fund will reach 3.6 trillion tenge (4 trillion tenge in 2023). These funds will be spent on implementation of socially vital and important infrastructure projects: modernization of roads, heat-, gas- and water-supply, engineering networks, as well as construction of social facilities under Comfortable School and Rural Healthcare Modernization projects.

Budget deficit is forecast at 2.6% against GDP in 2024 and at 2.3% in 2026.

Budget expenditures are predicted to increase by 1.5 trillion tenge against 2023 and reach 24 trillion tenge in 2024.

The lion share of the budget expenditures accounts for social sector and makes 41% of the total budget spending. In 2024 social sector spending will be raised by 1.4 trillion tenge and will reach 9.9 trillion tenge.

2.8 trillion tenge is envisaged for real sector.