Kazakhstan to spend $2 trillion tenge on major construction projects from National Fund
In 2027, Kazakhstan plans to spend 2 trillion tenge from the National Fund on implementing a program to construct social and infrastructure facilities. This is what Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said at the Cabinet’s weekly meeting, Qazinform News Agency reports.
According to him, budget forecasting for 2027-2029 was based on fiscal rules and targets set by the Public Finance Management Concept through 2030.
Thus, in 2027, revenues are projected to reach 19.9 trillion tenge, or 10.0% of GDP. Compared with the estimate for the current year, this represents an increase of 2.8 trillion tenge.
The main increase in revenues is projected to come from:
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Economic growth - 1. 7 trillion tenge
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VAT refund amount reduction - 1.1 trillion tenge
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Other factors - 0.5 trillion tenge
At the same time, a revenue decline of 0.5 trillion tenge is expected.
Value-added tax (VAT) and corporate income tax account for the largest shares of tax revenues. Non-tax revenues are projected at 377 billion tenge, while special revenues are estimated at 18 billion tenge.
In accordance with fiscal rules, the guaranteed transfer from the National Fund is set at 2.43 trillion tenge in 2007 and 2008, and 2 trillion tenge in 2029.
At the same time, Zhumangarin noted that the Head of State had outlined a course for a "major construction" and authorized the use of National Fund resources. A task was set to implement a large-scale program for building social and infrastructure facilities.
"In this regard, a targeted transfer from the National Fund is envisaged, amounting to 2 trillion tenge in 2027 and 1.5 trillion tenge annually in 2028-2029," the Deputy Prime Minister said.
The funds will be allocated to finance critical facilities and projects of national importance.
The National Fund’s net foreign currency assets are projected at $65.2 billion in 2027, rising to $67.3 billion in 2028 and $70.6 billion in 2029.
Earlier, it was reported that Kazakhstan forecasts inflation at 7.5-9.5% in 2027.