Emblem
Official Source of the
Prime Minister of the
Republic of Kazakhstan
Menu
Emblem
Close button

Alikhan Smailov: Main tasks of clarifying country's budget are employment support and population incomes

Monday, 11 May 2020, 19:03:44

The announcement by the World Health Organization of the coronavirus pandemic, a slowdown in economic development and a decline in demand for oil and petroleum products led to a review of the country's socio-economic indicators, First Deputy Prime Minister – Finance Minister Alikhan Smailov said at a government briefing.

“Since the beginning of the year, the pandemic of coronavirus infection in the world led to the decrease in the activity of business in many countries, production has also decreased, as well as oil and metal prices. Demand for our products decreased, respectively, and quarantine measures were also implemented in Kazakhstan and the state of emergency was introduced. All of this required adjusting the forecast of socio-economic development in 2020,” Smailov said.

So, in April 2020, macroeconomic indicators were revised and the republican budget for 2020 was updated.

“In particular, the nominal GDP was reduced by 4.8 trillion tenge to 69.7 trillion tenge. The price of oil before the end of the year was reduced from 55 to 20 dollars per barrel. The average annual settlement rate of the dollar was increased to 440 tenge, and the level of the inflation corridor was 9-11%. This forecast is a conservative scenario to prepare for the worst, but hope for the best. The main task of clarifying this budget was to support employment in the country, population incomes, support business and ensure the balance of our republican budget,” said the minister of finance.

The parameters of the republican budget were as follows:

  • revenues – 11.8 trillion tenge (with an increase of 516 billion tenge);
  • expenses – 14.3 trillion tenge (with an increase of 1.4 trillion tenge);
  • deficit – 2.4 trillion tenge or 3.5% of GDP.

“We will monitor the situation, how the epidemiological and economic situation will develop in the world and in our country, and we will analyze macroeconomic indicators. Based on the results of six months and 9 months, we will see whether there will be a need for budget refinement in the fall. Time will tell,” concluded Smailov.


News feed
13 August 2020, 18:07
State Commission approves Plan for Phased Removal of Quarantine Measures from Aug. 17, 2020 
13 August 2020, 11:39
Arman Abdrasilov appointed chair of JSC Zerde National Infocommunication Holding 
12 August 2020, 18:46
Kazakhstan and UN sign framework program on cooperation for 2021-2025 
12 August 2020, 15:52
Reducing breakdown susceptibility and deterioration of electrical networks — the priority of upcoming heating season
11 August 2020, 20:34
Yeraly Tugzhanov visits business facilities in Nur-Sultan 
11 August 2020, 19:56
Interdepartmental Commission considers preparations for phased removal of quarantine measures 
11 August 2020, 13:41
According to results for 7 months of 2020, industrial production increased by 1.3% — Ministry of Industry and Infrastructure Development 
11 August 2020, 13:12
On average in Kazakhstan, daily increase in incidence of CVI decreased by almost 2 times — Ministry of Healthcare 
11 August 2020, 12:44
In January-July 2020, oil exports amounted to 42 million tons — Ministry of Energy 
11 August 2020, 10:35
Following results of 7 months in 2020, positive dynamics remains in basic sectors of economy of Kazakhstan 
11 August 2020, 10:33
In Kazakhstan, gross agricultural output for 7 months of 2020 increased by 2.5% 
11 August 2020, 10:13
Over 20 thousand applications approved under 7-20-25 program — National Bank 
11 August 2020, 09:53
Revenues of local budgets executed by 120% — Yerulan Zhamaubayev 
11 August 2020, 09:42
Prime Minister Askar Mamin instructs to submit Plan for Phased Removal of Quarantine Measures for consideration by State Commission 
11 August 2020, 09:33
According to results for 7 months of 2020, production of goods increased by 2.1% — Ministry of National Economy 
10 August 2020, 12:04
Government session to be held Aug. 11 in Ukimet Uyi 
07 August 2020, 12:45
About 1.4 billion tons of cargo transported by road in six months in Kazakhstan
05 August 2020, 20:13
Interdepartmental Commission considers preliminary results of implementation of Enbek and Employment Roadmap programs
05 August 2020, 13:01
Prime Minister Askar Mamin informed about SK-Pharmacy’s measures to provide drugs to combat COVID-19
04 August 2020, 19:52
Interdepartmental Commission considers issues of Kazakhstan's access to complex of candidate vaccines for COVID-19
04 August 2020, 11:22
2.6 million students to study in distance format from beginning of academic year — Ministry of Education and Science
04 August 2020, 10:11
By new academic year, Government will provide computers to 500 thousand students from most needy families
04 August 2020, 10:03
Positive trend observed in fight against COVID-19 in Kazakhstan
04 August 2020, 10:02
Daily increase in incidence of COVID-19 in Kazakhstan decreased on average by almost one and half times — Ministry of Healthcare
04 August 2020, 09:56
In Kazakhstan, 4,422 schools provided with high-speed Internet over 8 Mbps
03 August 2020, 16:04
Government session to be held Aug. 4 in Ukimet Uyi
03 August 2020, 14:20
New program of Housing Construction Savings Bank "Zhas Otbasy" started July 1 in Kazakhstan
03 August 2020, 14:10
In 2021, Housing Construction Savings Bank plans to issue mortgage online
03 August 2020, 14:00
Transforming Housing Construction Savings Bank into Otbasy Bank and providing Kazakhstanis with housing — interview with Lyazzat Ibragimova
03 August 2020, 10:47
Shakhmardan Baimanov appointed chair of Committee on Youth and Family Affairs of the Ministry of Information and Social Development
03 August 2020, 09:32
Anuar Dzhumadildayev appointed chair of Treasury Committee of the Ministry of Finance
02 August 2020, 17:30
Video Digest: Main events of the week, No. 71
31 July 2020, 08:29
Prime Minister Askar Mamin congratulates Kazakhstanis on Kurban Ait
30 July 2020, 18:30
Yerbol Ospanov appointed vice minister of labor and social protection of the population
30 July 2020, 17:15
Increasing yield, ensuring phytosanitary safety and training of research personnel — how agricultural science develops in Kazakhstan
30 July 2020, 16:04
Allen Chaizhunussov appointed chair of the Board of QazExpoCongress
30 July 2020, 13:09
Prime Minister Askar Mamin instructs to develop additional measures to support business
30 July 2020, 08:58
Roman Sklyar's working trip to Tatarstan: Creating joint ventures and implementing investment projects
29 July 2020, 20:56
Interdepartmental Commission takes special control over implementation of President’s instructions
29 July 2020, 16:57
Increasing lending to SMEs, providing employment and social benefits to population — Ruslan Dalenov on measures to support economy
28 July 2020, 21:37
Mortgage on favorable terms and construction of affordable housing — development of housing construction in Kazakhstan
28 July 2020, 19:03
Prime Minister Askar Mamin holds meeting on development of Kyzylorda region
28 July 2020, 11:17
During pandemic, Internet and electronic government services became the first necessity — Bagdat Mussin
28 July 2020, 10:20
E-commerce market amounted to 435 billion tenge in first half of 2020
28 July 2020, 10:13
In first half of 2020, e-commerce in Kazakhstan increased by one and half times
28 July 2020, 10:06
Epidemiological situation in Kazakhstan stabilizing
28 July 2020, 10:00
Since introduction of quarantine in Kazakhstan, 29% decrease in CVI cases recorded
27 July 2020, 14:26
Government session to be held July 28 in Ukimet Uyi
27 July 2020, 12:03
Changing approaches to provision of medical care reduced burden on bed capacity of Almaty — Nadyrov
27 July 2020, 11:37
After launch of mobile resuscitation teams in Almaty, number of deaths from COVID-19 decreased
© 2019 - 2020 Press service of the Prime Minister of the Republic of Kazakhstan.
Developed by SoftDeCo.