During the plenary session of the Mazhilis of the Parliament of the Republic of Kazakhstan, where draft laws on the republican budget for 2026–2028 and on the amount of transfers were considered, deputy Berik Beisengaliev asked Prime Minister Olzhas Bektenov about the factors that influenced the reduction of the planned economic growth rates for the next three years and the specific measures envisaged by the Government to maintain economic stability, prevent a decline in the real sector, and preserve employment.

“We indeed adhere to a conservative approach in budget planning. Over the past three years, our economy has shown stable growth: in 2023 – 5.1%, in 2024 – 5%. This year the growth rates are also high. Overall, the average growth rate of the global economy is 3%. If we look at our major neighbours and other important countries for us, their economies are also slowing down. We, as the Government, are making every effort to ensure stable, dynamic economic growth. As you know, through the ‘Baiterek’ holding, a large-scale programme worth 8 trillion tenge has been launched, aimed at implementing major infrastructure and industrial projects. There are also other comprehensive measures in our portfolio. We believe that their implementation will ensure the corresponding growth rates. This year a total of 190 industrial projects will be launched, with a total value exceeding 1.5 trillion tenge. Across all sectors, 1,681 large projects are currently being implemented. As part of these projects, around 40 thousand permanent jobs have been created. Alongside growth, macroeconomic stability is extremely important for us. First and foremost, measures must be taken to curb inflation. As of September, the inflation rate stood at 12.9%. In our view, this is a very high figure and it must be reduced. Together with the National Bank, we are developing an appropriate Action Plan. Once it is ready, we will publish the document for the public in the near future. Taking all these factors into account, we believe that the indicators of the planned pace of development are in optimal balance,” Prime Minister Olzhas Bektenov said.

#The Prime Minister of the Republic of Kazakhstan #Budget #Economy #Legislations

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