Society • 27 August, 2019

Government of Kazakhstan approves Forecast of Socio-Economic Development for 2020-2024

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At the Government session chaired by Prime Minister Askar Mamin, the draft Forecast for the Socio-Economic Development of the Country until 2024, as well as draft laws on the republican budget for 2020-2022, on the volume of general transfers between the republican and regional budgets for 2020-2022 and a guaranteed transfer from the National Fund were approved, reports

The bills were presented by the First Deputy Prime Minister – Minister of Finance Alikhan Smailov, Minister of National Economy Ruslan Dalenov. The Chairman of the National Bank Erbolat Dossaev also spoke on the agenda.

According to the forecast, real growth in Kazakhstan's GDP is projected at 4.1% in 2020, with a subsequent increase to 4.7% in 2024. The average annual GDP growth rate for the forecast period will be 4.4%.

In the draft republican budget, revenues for 2020 will amount to 11.2 trillion tenge, an increase of 639 billion tenge against the plan for the current year. The priorities of the republican budget expenditures for 2020-2022 will be directed to the further implementation of the annual Addresses of the Head of State to the people of Kazakhstan and the announced initiatives of the First President – Elbasy.

The priority areas remain the same — to further improve the quality of life and well-being of the population. The expenses of the social sphere in 2020 are planned in the amount of 5.7 trillion billion tenge, which is 303 billion tenge more than this year.

The prime minister noted that when determining the volume of transfers of a general nature for 2020-2022, the characteristics of each region and the levels of their economic development were taken into account.

“The envisaged funds of the republican budget will make it possible to fully fulfill all social obligations of the state,” Askar Mamin said.

Budget expenditures will also be used to support the real sector of the economy, including industrial and innovative development, housing and transport infrastructure, agriculture, digitalization, and productive employment.

“Akims of the regions need to adhere to established directions when spending budget funds,” Mamin emphasized.

These bills are agreed with the Head of State and in the prescribed manner approved by the Republican Budget Commission. Following the results of the consideration at the Cabinet of Ministers, the projects will be submitted to the Majilis of the Parliament.

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