Kazakh Parliament adopts law on guaranteed transfer from National Fund

Kazakh Parliament adopted the law on guaranteed transfer from the National Fund for 2023-2025. According to the document, next year it is planned to allocate 2.2 trillion tenge from the National Fund to the state budget. Then the amount will be reduced to two trillion in 2024 and to 1.9 trillion in 2025. Minister of National Economy Alibek Kuantyrov presented the document in the Senate, the Upper House of the Parliament. According to him, the law was drawn up in accordance with the new requirements of the budget rule. Thus, the amount of the guaranteed transfer would be determined taking into account the cut-off price for oil. According to forecasts, this figure will not exceed the amount of direct taxes received by the National Fund from organizations in the oil sector. Thus, the document established the estimated oil price in 2023 at US$48.9 per barrel, and in the following years it will stand at US$42.2 and US$40.3 a barrel, respectively.

“According to our forecasts, the establishment of a ceiling on withdrawals from the National Fund and the medium-term growth rate of expenditures will improve fiscal discipline and strengthen the saving function of the National Fund. The adoption of the draft law will ensure the balance of the national budget and at the same time it will realize the stabilization function of the National Fund. The parameters of the socio-economic development forecast of the country, as well as the forecast parameters of the budget and the National Fund, submitted for consideration are both balanced and aimed at restoring and stabilizing socio-economic indicators to ensure sustainable economic growth,” Kuantyrov said.