Kazakh Parliament approves budget execution report for 2020

The Kazakhstan National Fund switched from the accumulation mode to the mode of consumption. Olga Perepechina, member of the Senate, said this during a joint meeting of the Houses of the Kazakh Parliament. The country’s social cluster accounts for 40 percent of the budget expenditures. Such a measure during the crisis is fully justified, the Senator opined. However, it is necessary to look for new sources of non-resource income and to reconsider the approaches to the country’s defensive measure. Considerable efforts should be aimed at supporting entrepreneurship, especially in the industrial sector, Olga Perepechina said.

“2020 was a difficult year for the country and for the whole world, so we have to draw lessons. The monitored budget results are important for selecting the proper economic, budgetary and managerial solutions, tools and mechanisms aimed at further post-crisis development of the country’s economy and improving the well-being of our citizens. We have a national development plan of Kazakhstan until 2025. Anti-crisis programs and the budget as the main financial tool must be aimed at the development of the new economy, of regions and at improving the well-being of our citizens,” the senator said.

Kazakh Prime Minister Askar Mamin spoke about measures taken to further develop the economy. According to him, in order to increase the income of the population by 5 percent, 415 investment projects worth 8 trillion tenge (US$18.6 billion) will be implemented in the country this year. It is also expected that 17 million square meters of housing will be commissioned, 200 schools will be built and 30 medical institutions will be opened in 2021. The main task that the Government faces is ensuring economic growth of the country at the level of 3.5 to 4 percent.

Translation by Saniya Sakenova

Editing by Galiya Khassenkhanova