Government • 12 May, 2020

About 150 billion tenge allocated from republican budget to combat coronavirus

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The government allocated 5.9 trillion tenge to implement anti-crisis measures related to coronavirus and a decrease in world business activity. Of these, 3.4 trillion tenge came from the republican budget and 2.5 trillion tenge — from extrabudgetary funds, First Deputy Prime Minister – Minister of Finance Alikhan Smailov said this at an online briefing in the government.

The expenses are aimed at increasing employment, monthly payments for loss of income, social benefits, housing, compensation for losses of budget tax revenues and other areas on behalf of the Head of State.

“In particular, one trillion tenge is provided for financing the Employment Roadmap, of which 300 billion tenge from the republican budget (off-budget funds — 700 billion tenge). As part of these funds, infrastructure projects will be implemented in the regions and 255 thousand jobs will be created. 1 trillion tenge is provided for preferential loans to working capital of business entities at 8% and expansion of concessional lending for investment projects at 6% per annum under the Economy of Simple Things program from attracted extra-budgetary funds,” Alikhan Smailov said.

About 4.5 million people within 2 months receive payments on loss of income in the amount of 1 minimum wage or 42.5 thousand tenge. For these purposes, about 370 billion tenge from the State Social Insurance Fund is provided.

For housing construction, an additional 390 billion tenge will be raised from the stock market to bring the volume of housing construction in the country to 15 million square meters. 1.7 trillion tenge has been allocated to compensate for the loss of tax revenues of the republican budget and, accordingly, to fulfill all social obligations of the state.

For compensation of losses of local budgets, in connection with the provision of exemption from taxes and fees on the wage fund for SMEs and large businesses in the affected sectors of the economy, 237 billion tenge is provided.

313 billion tenge will go to additional indexation up to 10% of social payments (pensions, benefits, targeted social assistance), increase scholarships and reimbursement of population payments for utility bills.

“240 billion tenge have been allocated for the expansion of state programs for the development of the agro-industrial complex, Enbek, Business Roadmap, Auyl – El besіgі. Subsidies for the agricultural sector — 50 billion tenge; labor market development within the framework of the Enbek State Program — 50 billion tenge; subsidizing interest rates and guaranteeing loans under the Business Roadmap – 2025 State Program — 84.5 billion tenge; development of social and engineering infrastructure in rural areas within the framework of the Auyl – El Besigi project — 55 billion tenge,” said Smailov.

125 billion tenge are provided for anti-epidemiological measures, including additional payments to medical and other workers, provision of food and household sets for vulnerable groups of the population, and others.

Additional expenses are aimed at supporting citizens and the economy, including the implementation of the instructions of the Head of State — 575 billion tenge.

Within the framework of these funds, budget expenses are envisaged in connection with the growth of the exchange rate, expenses for completing problematic shared construction projects in Nur-Sultan, and other priority tasks.

“About 150 billion tenge has been allocated from the republican budget for the fight against coronavirus or anti-epidemiological measures, or in terms of dollars it is $350 million. This is 5.9 trillion tenge, which are allocated as a whole for the implementation of anti-crisis measures. This is employment support, social benefits, business support, preferential lending to entrepreneurs, housing and so on. These funds are planned for the whole year,” Alikhan Smailov said.

For example, 1 trillion tenge is allocated for preferential lending to a business. These are repayable funds that are provided to businesses in the form of loans at low rates.

One trillion tenge is allocated for the implementation of the Employment Roadmap, of which 300 billion from the budget, the rest are extrabudgetary funds. This is the construction and reconstruction of social facilities, utilities, engineering infrastructure, landscaping of settlements. About 255 thousand jobs will be created. That is, all funds allocated by the government in 2020 have important socio-economic significance and will help to keep the population busy, their income and support business activity in the country.

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