Investor Presentation on Kazakhstan's Economic Reforms
State Budget
Kazakhstan benefits form a diversified revenue base, increasingly reliant on tax revenues with less dependence on
transfers from the National Fund.
Composition of State Budget Revenues
(% of GDP)
Composition of State Budget Expenditure
(% of GDP)
1.1%
1.1%
1.3%
1.2%
1.3%
2.2%
1.7%
1.6%
1.6%
1.4%
1.3%
1.6%
6.9%
8.1%
6.9%
4.4%
4.2%
4.2%
4.2%
4.5%
5.0%
5.6%
6.0%
4.2%
0.7%
0.4%
0.3%
0.4%
0.3%
0.5%
2.2%
2.1%
2.1%
1.9%
1.9%
2.7%
11.0%
11.9%
12.4%
12.5%
13.2%
12.9%
3.3%
3.6%
3.4%
3.2%
3.4%
4.6%
0.7%
1.2%
0.8%
1.0%
1.0%
2015
2016
2017
2018
■Tax Revenues
■Non-tax revenues
2020 Budget
■Privatisation ■Transfer reciepts
2019
2015
2016
2017
2018
2019 2020 Budget
■Debt Service
Note: 2020 Budget compared to 2019 GDP
Healthcare
■Transport and communications
Note: 2020 Budget compared to 2019 GDP
■ Education
■Social assistance and social security
■House and communal services
Key Inflows to and Outflows from the National Fund
(KZT tn)
4
3.2
2.9
2.1
1.6
2
1.1
1.2
.0
.0
0
-2
(0.8)
(1.7)
(0.7)
(2.1)
(0.4)
(1.5)
-4
(2.9)
(2.6)
(2.7)
-6
2015
2016
2017
2018
2019
(4.8)
2020 Budget
Guaranteed Transfers
Targeted Transfers
■Government Contributions
Source: Ministry of Finance, unless otherwise stated
Note: ¹Fitch Sovereign Data Comparator September 2020
14
Fiscal Balance vs BBB Rated Peers
(% of GDP, 2020F1)
H
(5.9%)
(7.1%)
Morocco BBB Median
BBB-/Ba1/BBB-
(4.8%)
(5.5%)
(5.5%)
Kazakhstan Mexico
BBB/Baa3/BBB- BBB-/Baa1/BBB
(7.5%)
Russia Philippines
BBB/Baa3/BBB- BBB/Baa2/BBB+View entire presentation