In the near future Kazakhstan will implement a number of comprehensive measures to ensure macroeconomic stability. Minister of National Economy of the Republic of Kazakhstan Timur Suleimenov informed about this at a press conference in the press center of the Government.

The Minister reported that within the framework of the implementation of the Address of the Head of State "Third Modernization of Kazakhstan: Global Competitiveness" in the direction of "Macroeconomic stability", work will be carried out to restore the stimulating role of monetary policy and bring fiscal policy to new economic realities.

Since the beginning of 2017, the domestic economy has been showing signs of economic activity improvement with reaching a trajectory of restorative growth. Thus, according to the results of 7 months of this year, Kazakhstan's GDP grew by 4.0%. In July, annual inflation fell to 7.1% and approached the minimum value over the past two years.

At the same time, it was noted that the increase in economic activity is to a greater extent due to the non-primary sector. According to calculations, the contribution of the raw materials sector in economic growth was 1.4%, while the contribution of the non-primary sector was 2.3 points.

In order to maintain the existing dynamics and achieve the fulfillment of the tasks of the Head of State, it is planned to work in a number of directions.

Thus, the budget deficit is planned to decrease from 3.1% of GDP in 2017 to 1.0% of GDP in 2019-2020, which will help to keep the public debt at the level of no more than 27% of GDP. The effectiveness of budget expenditures is planned to be achieved within the framework of legislative consolidation of the possibility of redistributing funds from ineffective programs to budget programs that ensure economic growth and advancement among the 30 advanced countries.

In this regard, a draft law has been drafted that provides for measures to improve the efficiency of budget expenditures, as well as simplification of budgetary procedures for faster and more efficient providing of funds to the real economy.

Also, in order to stabilize and preserve the assets of the National Fund, the annual fixed amount of the guaranteed transfer will be gradually reduced from 2.6 billion tenge in 2018 to 2.0 billion tenge in 2020.

In addition, in order to bring the tax policy to new economic realities, changes in tax legislation have been developed. The task of stimulating the exit of business from the shadow and expansion of the tax base in the non-primary sector will be realized within the framework of works to improve the collection of VAT, reform of special tax regimes (STR) and the introduction of international standards against money laundering (BEPS).

In addition, the Government conducted a full inventory of subordinate organizations, which resulted in an increase in the number of state property organizations subject to privatization to 903, including 68 large organizations. In 2018 it is expected to complete the sale of facilities under the Comprehensive Privatization Plan for 2016-2020, with the exception of the 17 largest companies of the Samruk-Kazyna Fund, the implementation of which requires thorough and detailed preparation.