Majilis approves bill on 2023-2025 national budget

As Majilis Chairman Yerlan Koshanov said, the draft law on the national budget fully complies with the goals of the country’s development. The bill was elaborated with the consideration of the current complicated geopolitical situation and will allow fulfilling all social commitments of the state.

Special attention was given to the fulfillment of the presidential instructions.

1trln tenge is envisaged for the implementation of the President’s new social initiatives in three years coming. «The common task of the deputies and the Government is to efficiently utilize the allocated funds,» stressed Koshanov.

The bill was elaborated based on the Fiscal Code, Socio-Economic Development Forecast and Budget Parameters of the Republic of Kazakhstan for 2023-2025 as well as the President's instructions.

As per the document, real GDP growth is forecast at 4.0-4.1% in 2023-2025. Nominal GDP will rise from 120.7trln tenge in 2023 to 146.5trln tenge in 2025.

Per capita GDP will be at $13,200 in 2023 and will increase to $15,600 in 2025.

The National Bank defined the target corridor of annual inflation at 7.5-9.5% in 2023 and at 4-5% in 2024 with further decrease to 3-4% in 2025.

As per estimation, if the current dynamics persists, the average annual oil price in 2022 will hit $100 per barrel. In a short-term outlook, oil price is set at $85 per barrel.