At its plenary meeting, the Senate adopted two laws amending the 2016 national budget.
Changes were required due to over-fulfillment of the budgetary income plan. Therefore, the new laws will reduce the amount of transfers from the National Fund and increase expenditures.
The first document, the Law "On guaranteed transfer from the National Fund for 2016-2018", reduces the size of the Fund’s transfer to the republic’s budget from 2 880.0 billion KZT to 2 479.7 billion KZT .
Another law, "On the Republican Budget for 2016-2018", revises both the revenue and expenditure parts of the budget. The forecast on revenues (without transfer incomes) is defined for 2016 as 4 200.2 billion KZT and will increase by 834.9 billion KZT.
Budget outgoings are provided to the amount of 8 646.7 billion KZT with an expected growth of 379.9 billion KZT. Additional budgetary spending will be used to implement measures to stimulate economic growth (283.4 billion KZT), increase the level of security of the country (70.2 billion KZT) and fulfil commitments on various projects (136.4 billion KZT).
The national budget deficit for 2016 will remain the same, i.e. 902.7 billion KZT, or 2% of GDP.
The senators put numerous questions to the Government and the National Bank. They made comments and put forward proposals on improvements to the budget process.
Speaker Kassym-Jomart Tokayev summed up the discussion, by saying,
"The amendments adopted in this year's budget will certainly give impetus to socio-economic growth and improve the welfare of citizens. However, we hope that the Government will implement the necessary measures in a timely fashion and in line with legislative changes, as well as taking into account the suggestions made by senators."