Kazakhstan • 11 March, 2020

Optimized funds to be used to ensure social benefits - Ministry of Finance

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Under the current economic conditions associated with external factors, appropriate measures will be taken to ensure the balance and sustainable development of the state budget. The First Vice Minister of Finance Berik Sholpankulov said this during the press conference in the Government, primeminister.kz reports.

“In 2020, it is planned to receive 4 trillion 816 billion tenge. It all goes to the National Fund. Revenues in the amount of 1 trillion 19 billion tenge in the form of export customs duty come to the republican budget. If the price of oil is below $25, these payments will be zero, that is, they will not be received. The remaining payments from the oil sector go to the National Fund,” Sholpankulov informed.

In terms of budget refinement, measures will now be taken to optimize costs.

“This will remove expensive purchases of furniture and vehicles, image events will be limited, and non-priority expenses will be sequestered. All these funds will be directed, first of all, to ensure social benefits. Social benefits will be fully paid and state obligations will be fulfilled in a timely manner. In past years, the price of oil fell below $30 per barrel and the budget of the Republic of Kazakhstan very easily and quickly coped with this task, due to the fact that the anti-crisis plan was adopted in a timely manner. All relevant calculations are ready, we are waiting for the results of the first quarter,” said the first vice minister.

According to these expenses, as Sholpankulov noted, preliminary work has been carried out. A roadmap has been approved with step-by-step actions of state bodies, regions and quasi-sector entities, projects and activities that are not priority for the current conditions, which can be postponed to later dates, have been postponed.

It is worth noting that for 2020, it is planned to sell 68 objects. Thirty-four are for sale. For January-February 2020, six objects worth 3.2 billion tenge were sold. Twenty-eight are at auction. Three objects are aimed at reorganization and liquidation. Thirty-one objects will be put up for sale before the end of the year. These are the indicators of budget execution for the reporting period.

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