Investor Presentation on Kazakhstan's Economic Reforms
Fiscal Performance
Kazakhstan has a conservative budgeting approach. A counter-cyclical rule will be introduced into the Budget Code by the
end of 2020, as a reflection of Kazakhstan's fiscal discipline and prudence.
Kazakhstan Public Finance Structure
Consolidated Budget
(% of GDP)
Consolidated Budget
31.9%
33.5%
29.8%
28.6%
27.2% 28.1%
26.1%
26.7% 28.0% 27.9%
29.3% 28.5%
State Budget
+
Revenues and
Expenditures of
National Fund
(2.5%)
(0.9%)
(2.1%)
(1.3%)
(1.4%)
(5.0%)
Republic
Budget
+
Local
Budgets
2015
2016
2017
2018
2019
2020 Budget
Revenue
Expenditure
◆ Balance
State Budget
(% of GDP)
Note: 2020 Budget compared to 2019 GDP
Republican Budget
(% of GDP)
26.2%
28.2%
25.5% 25.3%
26.1%
23.0%
31.8%
26.8%
25.1%
22.8% 23.7%
21.5%
19.7%
19.9%
17.7%
17.1%
16.6%
16.3%
16.5%
16.1%
15.1% 15.2%
14.2%
14.0%
(2.5%)
(0.9%)
(2.1%)
(1.3%)
(1.4%)
(5.0%)
(2.4%)
(0.8%)
(2.0%)
(1.1%)
(1.3%)
(3.7%)
2015
2016
2017
2018
2019 2020 Budget
2015
Revenue
■ Expenditure
Balance
2016
2017
2018
2019
2020 Budget
Revenue
Expenditure
Balance
Note: 2020 Budget compared to 2019 GDP
Source: Ministry of Finance
13
Note: 2020 Budget compared to 2019 GDPView entire presentation