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Republican budget revenues to reach 7 trillion 81 billion tenge in 2019 — Ministry of National Economy

Tuesday, 01 October 2019, 10:51:19

At the Government session chaired by the Prime Minister Askar Mamin, the republican budget for 2019 was specified. The Minister of National Economy Ruslan Dalenov reported on the forecasts of the main macro-indicators and budget parameters and First Vice Minister of Finance Berik Sholpankulov presented the draft revised republican budget for 2019.

According to Dalenov, when updating the republican budget for 2019, it is proposed to maintain the main indicators of the Forecast of the country's socio-economic development. This is a 3.8% GDP growth, oil production in the amount of 89 million tons.

“World oil prices show high volatility. With this in mind, the forecast oil price was kept at $55 per barrel. The target corridor of annual inflation is kept within 4-6%,” the minister of national economy said.

Factors for maintaining the Forecast parameters are the preservation of the forecast for foreign markets, the dynamics of indicators for 9 months of the current year, as well as the adjustment made in March 2019.

As Dalenov informed, it is proposed to increase the republican budget revenues by 95 billion tenge due to tax revenues by 12 billion tenge and non-tax revenues by 83 billion tenge.

Non-tax revenues increase by 83 billion tenge due to an increase in dividend income by 50 billion tenge to 66 billion tenge, actual income by 33 billion tenge.

“In general, the republican budget revenues (excluding transfers) in 2019 will amount to 7 trillion. 81 billion tenge,” said the minister.

The income structure by type of income is maintained. The largest volume is represented by value added tax (2.8 trillion tenge), corporate income tax (2 trillion tenge), taxes on international trade (1.5 trillion tenge).

The republican budget deficit remains at the previously approved level of 1 trillion 365 billion tenge. In relation to GDP, this is 2.1%.

The non-oil deficit, that is, excluding oil revenues, is 8.5% of GDP or 5.5 trillion tenge. The parameters of the non-oil deficit correspond to the established fiscal rules.

As Dalenov clarified, the total revenue is increasing by 95 billion tenge and will amount to 10.7 trillion tenge. Incomes of transfers, including transfers from the National Fund, do not increase.

 “Costs increase in proportion to the increase in revenues by 95 billion tenge. The volume of expenditures of the republican budget will exceed 12 trillion tenge. Thus, revenues will amount to 10.7 trillion tenge, expenditures — to 12 trillion tenge, deficit — 1.4 trillion tenge,” the minister of national economy added.

In turn, First Vice Minister of Finance Berik Sholpankulov noted that it is proposed to refine the budget while maintaining the indicators of the Forecast of the country's socio-economic development for 2019, adjusted in April 2019.

The draft clarification provides for the solution of a number of tasks assigned to the Government as part of the budget for the current year.

First task. Addressing issues of emergency financing in the social sphere.

According to Sholpankulov, 84.8 billion tenge are provided for these purposes, including: 36.9 billion tenge for payment of targeted social assistance in connection with an increase in the number of recipients, 23.3 billion tenge for the provision of medical care and continued construction health facilities, 2.7 billion tenge for the development of culture and sports.

The second task. To lay additional sources for increasing the growth rates of the economy in subsequent years.

According to the first vice minister of finance, within the framework of this task, 136.8 billion tenge is provided for in the draft revised budget, of which 36.7 billion tenge is to support the manufacturing industry to finance the renewal of the fleet of passenger cars, sanitary equipment and engineering projects, 21.1 billion tenge — for the development and replenishment of the fleet with specialized aircraft, 17.1 billion tenge — for the issuance of housing loans to depositors and payment of premiums on deposits, 8 billion tenge — for the reconstruction of irrigation and drainage systems in demand land in Pavlodar and Aktobe regions, 7.2 billion tenge — for the implementation of a pilot project to increase the income of the population of Zhambyl region.

The third challenge. Ensuring an acceptable level of the Government reserve for urgent tasks for the 4th quarter.

It is proposed to provide financial support for these tasks by redistributing expenses and adjusting budget revenues for the first 9 months of this year in the amount of 94.9 billion tenge.

“Based on these changes, the main parameters of the republican budget for 2019 were as follows: revenues — 10,663.5 billion tenge; expenses — 12,028.1 billion tenge; deficit — 1,364.6 billion tenge or 2.1% of GDP,” Sholpankulov summarized.


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