Government • 12 March, 2019

Government approves budget for implementation of the Head of Sate’s new social initiatives “Aleumettik Qamqorlyq”

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March 12, 2019, at the Government meeting chaired by the Prime Minister Askar Mamin, the Socio-Economic Development Forecast for 2019-2023 and the national budget for 2019-2021 were specified. First Deputy Prime Minister – Minister of Finance Alikhan Smailov and Minister of National Economy Ruslan Dalenov reported the forecasts of the main macro indicators and budget parameters, reports the press service of PM.

According to the Ministry of National Economy, the main factors in adjusting the macro indicators for 2019 are the GDP data for 2018, changes in the dynamics of the mining industry and the service sector.

“The volume of GDP in 2018 amounted to 58.8 trillion tenge. This is a good base for the 2019 assessment. Compared to 2018, oil production will decrease by 1.4 million tons or by 1.5%. This leads to the formation of a lower growth rate of the mining industry. At the same time, higher growth is expected in the service sector. The basis for the growth of the service sector is an increase in domestic demand,” said Dalenov.

Taking into account external and internal factors, the basic parameters for 2019 within the framework of the forecast are kept at the previously approved level:

  • the price of oil is $55 per barrel;
  • tenge exchange rate — 370 tenge per US dollar;
  • annual inflation target corridor — 4-6%.

Based on the adjusted macroeconomic forecast, the budget parameters for 2019 were refined to financially support the implementation of the new social initiatives of the Head of State, including the Address to the People of Kazakhstan and the instructions given at the XVIII Congress of the Nur Otan Party.

First Deputy Prime Minister – Minister of Finance Alikhan Smailov said that a draft revised republican budget has been developed.

“One of our main tasks is, firstly, to submit the draft revised republican budget to the Parliament and to ensure its adoption. Secondly, to deliver the funds to the recipients, the urgent implementation of all budget procedures is necessary. Thirdly, we need to control the full execution of budget revenues and continue online monitoring of budget expenditures,” Smailov said.

The draft budget provides for the distribution of funds in 3 directions.

First. Implementation of the Head of State’s social measures “Aleumettik Qamqorlyq,” voiced at the XVIII congress of the Nur Otan Party for 444.3 billion tenge.

“For these funds it is planned to strengthen social support for certain categories of citizens, including raising wages for low-paid workers, disability benefits, changing the parameters of targeted social assistance, building rental housing for low-income large families and introducing concessional lending through the Housing Construction Savings Bank, as well as developing regional infrastructure and the special project ‘Aul – El Besigi,” said Smailov.

Second. Implementation of activities in the framework of the Year of Youth — 24.6 billion tenge.

Third. Implementation of the President’s instructions, voiced in the 2017 and 2018 Addresses — 286 billion tenge.

As the Minister of Finance noted, within the framework of these funds, it is planned to implement the Comprehensive Development Plans for the Turkestan Region and Astana, the construction of the Research and Oncology Center in Astana, the Saryarka gas pipeline, as well as the implementation of measures related to ensuring the country's security.

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