Kazakh parliament adopts government budget for 2024-2026

ASTANA. Nov 30 (Interfax) - The Majilis, the lower chamber of Kazakhstan's parliament, has approved amendments that the Senate, the upper chamber, proposed to the Law on the Government Budget for 2024-2026.

In accordance with the law-making procedure, the Law on the Government Budget for 2024-2026 is now regarded to be adopted by the whole parliament and will be sent to the Kazakh president for signature.

The senators earlier proposed that budgeted expenses for 2024 should be increased by 119.5 billion tenge, which would be financed from the president and government's reserves.

Budgeted expenses are now set at over 23.9 trillion tenge for 2024, over 23.8 trillion tenge for 2025 and over 25.1 trillion tenge for 2026.

Revenues will come to more than 16.1 trillion tenge in 2024, 17.3 trillion tenge in 2025 and 18.4 trillion tenge in 2026.

The deficit is projected to amount to over 3.5 trillion tenge in 2024, over 3.6 trillion tenge in 2025 and more than 3.9 trillion tenge in 2026.

GDP is anticipated to expand by 5.3% in 2024 to reach a 6% growth in 2026-2028 or from 135 trillion tenge in 2024 to 218.5 trillion tenge in 2028.

The budget is based on the assumption that the oil price will be $80 per barrel.

Inflation is expected to range between 6% and 8% in 2024, 5.5% and 7.5% in 2025 to slow down to 5% in 2026-2028.