Expenditures of Kazakhstan's budget up by 31.2pct
By Kamila Aliyeva
The implementation of the budget for expenditures was reached in 2017 by 99.8 percent.
This was announced by Kazakh Minister of Finance Bakhyt Sultanov at the plenary session of the senate of the parliament, Kazinform reported.
The meeting reviewed the reports of the government and the accounts committee for monitoring the execution of the republican budget on the budget implementation in 2017.
“At the end of 2017, the economy grew by 4 percent. First of all, the growth of the economy was influenced by external economic factors, such as a high conjuncture for oil, metals, an increase in the volume of imports. Secondly, fiscal policy aimed at creating favorable conditions for the development of the economy of the republic. Performed in the conditions of gradual revival of the economy, the republican budget is characterized by the following indicators. Budget revenues in the reporting period amounted to 9.7 trillion tenge, or with an overfulfillment of 101.1 percent. Taxes in comparison with 2016 grew by 13 percent, and respectively, the budget received 4.8 trillion tenge. By expenditures, the highest performance was achieved - 99.8 percent and amounted to 11.1 trillion tenge,” Sultanov said.
The minister noted that the increase in expenditures, compared to 2016, is 31.2 percent due to the implementation of measures aimed at accelerating technological modernization of the economy and maintaining macroeconomic stability. The source of funding for these measures was National Fund, the funds were attracted in the form of targeted transfers.
Sultanov informed that about 4 trillion tenge were allocated to the social sphere in 2017. In the total volume of expenditures of the republican budget, their share was 33.7 percent. The share of social expenditures excluding one-time costs for maintaining the banking sector, compared with last year, increased from 39 percent to 41.4 percent. The budget deficit amounted to 1.3 trillion tenge, which is 2.6 percent of GDP and below the plan for 129 billion tenge.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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