Budget, Eggs, and Tourism

26.02.2024

@kazeconomy has gathered the most crucial challenges that our country is facing, which will determine how and with what resources we will live.

Budget Expenditure: 
In 2023 the budget expenditures increased by 27% amounting to 6.1 trillion tenge. This exceeded the revenue part of the consolidated budget by 12%. The tax collection plan for 2023 (25.8 trillion tenge) was only 91% fulfilled, compared to 17% the previous year, due to non-compliance with the CPT (1.1 trillion tenge), import VAT (415 billion tenge), PIT (209 billion tenge), and export customs duties on crude oil (118 billion tenge). 
From 2019 to 2023 the growth of revenues (104%) lagged behind the growth of expenditures (191%), requiring a sustainable increase in government borrowing (1.7 times, up to 5.5 trillion tenge in 2023) and significant withdrawals from the National Fund (20.9 trillion tenge over 5 years). Improving budget discipline, ensuring revenue growth, not just expenditures, is one of the main challenges facing the new government, especially considering the abandonment of the announced VAT increase.

Eggs: 
Kazakhstan plans to impose a six-month ban on the import of eggs by road. As of January 1, 2024, the country has 56.5 million poultry, an increase of 13.8% compared to the same date in 2022. However egg production showed a decrease of 2.8% from 5 billion to 4.9 billion in 2023. According to preliminary data from the National Statistics Bureau, exports amounted to 175.9 million eggs, while imports were 286.9 million eggs  in 2023. 
Thus, domestic production ensures 98% of the internal market. Such bans are a logical response to external challenges, considering the existing egg shortage in the region; Kazakhstan is primarily protecting its domestic market.

Tourism: 
The First Deputy Prime Minister instructed the akimats to develop roadmaps for the development of tourist attractions. Tourism should become a profitable business, providing a multiplier effect for all stakeholders - the government, businesses, and workers. I would like to draw attention to the following directions: infrastructure development, legislative changes, accelerating efforts for the Year of Tourism in Kazakhstan in China, and ensuring high-quality service. 
Work in the regions is progressing at insufficient rates, with the main issue being the lack of interest from akimats and insufficient funding. Tourism indeed can be a significant support for economic diversification, especially considering the natural riches and diversity of Kazakhstan. The development of tourism is a significant challenge for Kazakhstan.


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Saved: 27.02.2024






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