At the government session chaired by Prime Minister Askar Mamin, the draft Law "On the Republican Budget for 2021-2023’’ was considered. Minister of Finance Yerulan Zhamaubayev made a report on the main directions of the project during the meeting.

The draft law was developed on the basis of the Forecast for the Development of the Country's Economy until 2025 in the context of a slowdown in economic growth and an unfavorable situation in world commodity markets, the minister noted.

When forming the draft budget, the priority was to ensure the social obligations of the state and maintain an acceptable level of public investment. Revenues for 2021, according to Zhamaubayev, are projected at 11.4 trillion tenge. The revenues of the republican budget (excluding transfers) will amount to 6.9 trillion tenge in 2021, 8.6 trillion tenge in 2022, and 9.2 trillion tenge in 2023.

“The increase is mainly expected for CIT, VAT and export customs duty on crude oil. The budget deficit is planned with a phased reduction from 3.4% to GDP in 2021 to 2.1% to GDP in 2023. The expenditure side of the budget, as the minister noted, in 2021 will amount to 14 trillion tenge. At the same time, current expenses are determined at 13.1 trillion tenge for the next year. The volume of the development budget is planned in the amount of 900 billion tenge in 2021,” the minister emphasized.

As noted by Zhamaubayev, the project retained the social orientation of the budget. In the structure of expenditures, the share of the social sector is 50.4%. In 2021, 7 trillion tenge is planned for the social sphere, with an increase of 454 billion tenge in relation to 2020.

Next year, additionally, 265 billion tenge is provided for annual indexation and an increase in the contingent of recipients of pensions and benefits. All measures are also planned to implement the instructions of the President to improve the status of teachers and doctors by increasing their salaries.

1.7 trillion tenge is provided to support the development of the real sector of the economy for 2021. It is also planned, within the framework of these funds, to continue the implementation of the state programs Nurly Zhol, Nurly Zher, Development of the Agro-Industrial Complex, State Program of Industrial and infrastructure Development, Business Roadmap-2025, etc. In 2021, according to Zhamaubayev, the regions will be allocated 3.8 trillion tenge, which is about 27% of total budget expenditures.

Of these, 1.4 trillion tenge are provided in the form of targeted current transfers, 405 billion tenge — transfers for development.

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