At a Government session chaired by Prime Minister Olzhas Bektenov, forecasts for socio-economic development for 2026–2028 and until 2035, as well as the draft republican budget for the upcoming three-year period, were approved. The volumes of general transfers for 2026–2028 were also reviewed.

Deputy Prime Minister – Minister of National Economy Serik Zhumangarin delivered a report, while Chairman of the National Bank Timur Suleimenov reported on inflation, the balance of payments, and the National Fund, and Minister of Finance Madi Takiev spoke about the draft republican budget for 2026–2028.

According to the Ministry of National Economy, the average annual real GDP growth in 2026–2028 will amount to 5.3%. Nominal GDP will reach 183.8 trillion tenge in 2026 and 229.8 trillion tenge in 2028. In the long term until 2035, GDP growth is expected to stabilize at 4.5%, with nominal GDP projected to reach 473.2 trillion tenge by 2035.

“The President instructed to ensure budgetary balance, high-quality planning, and the allocation of financial resources at both the republican and local levels. In this regard, today we reviewed the draft Laws on the volumes of general transfers and the republican budget for 2026–2028. These draft laws have been prepared in accordance with budgetary parameters and are optimal for ensuring the sustainability of public finances. Overall, the budget is balanced and takes into account all strategic initiatives of the Head of State. The volumes of general transfers provide equal conditions for regions in terms of access to basic infrastructure, taking into account the System of Regional Standards. As instructed by the President, the budget remains socially oriented. At the same time, expenditures aimed at stimulating economic growth have been increased. Compared to the current year, they will grow from about 11% to 16% of total expenditures. These include nationwide infrastructure projects, incentive measures, and state support for businesses. These expenditures will positively affect regional development and improve the quality of life of the population,” emphasized Prime Minister Olzhas Bektenov emphasized.

It was noted that the draft republican budget and general transfers were formed taking into account the new Budget and Tax Codes.

The Prime Minister instructed all government agencies to ensure the achievement of the set parameters for the socio-economic development of the country, as well as the most efficient and timely use of budget funds, with strict control over expenditures.

The Ministries of Finance and National Economy, together with the Government Office, have been tasked with submitting the draft laws to Parliament by September 1.

#Olzhas Bektenov #Economy #Government session #President's instruction #Socio-economic development

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