Majilis passes three-year republican budget
Kazakhstan’s Majilis approved on Wednesday the republican budget for the years 2026-2028, Kazinform News Agency correspondent reports.
The final provisions of the draft law specify the country’s macroeconomic forecasts for 2026/28 are calculated based on the GDP data reports for 2024 and forecasts for 2025, global economic growth forecasts and commodity price changes.
The 2026/28 republican budget draft law was drawn up based on the baseline variant, providing for stable moderate growth rates, lowering inflation, financial and commodity markets stability.
The country’s GDP is expected to grow at 5.3% annually on average in the upcoming medium-term.
Nominal GDP is forecast to grow from 183.8 trillion tenge in 2026 to 229.8 trillion tenge in 2028. Annual inflation is set within the target corridor from 9.0 to 11.0% in 2026, 5.5-7.5% in 2027, and 5.0-7.0% in 2028.
Republican budget revenues are projected at 19.2 trillion tenge in 2026, 21.2 trillion tenge in 2027, 23.2 trillion tenge in 2028, while expenditures at 27.7, 28.7, and 29.7 trillion tenge in 2026, 2027, and 2028, respectively.
The budget policy will continue to meet full and timely fulfilment of state social obligations, human capital development through increased support for science, education, and health.
In addition, the Majilis passed the law on the volume of general-purpose transfers between republican and regional budgets, budgets of cities of republican status, and the budget of the capital for 2026/28. The forecast for local budget revenues was made taking into account the introduction of the new Budget and Tax Codes.
Implementing the updated calculation methodology, minimum standards and regional standard system, boosting the regions’ own revenues were key in estimating general purpose transfers for the upcoming three-year period. The amounts of general-purpose transfers for the next three years are as follows: budgetary grants of 5.1 trillion tenge for 2026, 6.4 trillion tenge for 2027, and 6.8 trillion tenge for 2028; budgetary withdrawals in the amount of 0.9 trillion tenge in 2026, 1 trillion tenge in 2027, and 1.4 trillion tenge in 2028.
Earlier today, Deputy Prime Minister – Minister of National Economy Serik Zhumangarin presented a forecast of the country’s socio-economic development for 2026-2028.
