The budget deficit remains one of the key issues in planning Kazakhstan’s state budget for 2025–2027.
Under the complex macroeconomic conditions the process of deficit managing requires special attention and a balance between borrowing and economic growth. In this article, we will analyze the main changes in the republican budget deficit and assess what opportunities may arise in the coming years.
Budget Deficit Dynamics: Figures and Trends
According to the draft republican budget, the deficit for 2025 is expected to be 4,100,000,000 thousand tenge, decreasing to 3,787,871,522 thousand tenge in 2026, and further reducing to 3,686,101,950 thousand tenge in 2027.
These figures indicate a gradual reduction in the deficit, which may suggest stabilization of the financial situation in the country. Achieving these goals will require consistent fulfillment of budget obligations and optimization of expenditures.
Sources of Deficit Financing
The deficit financing policy for 2025–2027 will focus primarily on utilizing domestic liquidity. The main sources of funds in the domestic market will include the assets of second-tier banks, the Unified Accumulative Pension Fund (UAPF), and other funds managed by the National Bank.
Additionally, in order to avoid currency risks, the volume of borrowing on the external market is planned to be reduced. However, if domestic liquidity is insufficient, concessional loans from international financial organizations in foreign currency may be considered.
Conclusion
Kazakhstan’s budget deficit for 2025–2027 shows a trend towards reduction, which is a positive sign for economic stability. To achieve these goals, it is important to continue implementing effective debt management measures and supporting economic growth. Attention to domestic financing sources, as well as flexibility in decision-making, will be key factors for the successful execution of budget plans in the coming years.
Prepared by: Lina Egel kyzy
expert at Economy.kz portal
