Kazakhstan's Senate approves 2024 budget execution reportKazakhstan's Senate on Thursday approved the government's 2024 budget execution report, revealing a 2.7% of GDP deficit while highlighting both economic challenges and anti-corruption gains.The national budget showed revenues of 19.95 trillion tenge, reaching 97.5% of projections, with expenditures at 23.59 trillion tenge or 97.8% of planned spending. The resulting 3.65 trillion tenge deficit came as the state debt reached 23.7% of GDP.Finance Minister Madi Takiyev explained that the revenue shortfall resulted from multiple factors: decreased production at 188 major industrial enterprises costing 1.4 trillion tenge, a record 1.22 trillion tenge in VAT refunds, and a $2 billion reduction in imports. The government's digital tax administration system helped recover 1.28 trillion tenge, a 37% increase from 2023.Kazakhstan's Supreme Audit Chamber raised concerns Thursday about the government's increasing dependence on external funding sources, revealing nearly half of the 2024 budget expenditures were covered by National Fund transfers and borrowed money.The Supreme Audit Chamber reported  13 mid-year budget adjustments and 112 canceled infrastructure projects worth 56 billion tenge. Auditors identified 862 billion tenge in financial violations, a 65% annual increase, with 135 billion tenge already recovered.Looking ahead, Takiyev announced reforms to streamline the 2026 budget process, including a condensed three-month preparation period and new spending categories. The changes aim to improve transparency, with required parliamentary reporting within five days of any budget adjustments.The mixed results come as Kazakhstan's economy grew 4.8% in 2024, with inflation easing to 8.6% from 2023 levels. (ICE ALMATY)

Fonte notizia: INTERFAX