Mazhilis Reviews 2025 National Budget Implementation
Deputies of the Mazhilis of the Parliament of Kazakhstan reviewed government and audit reports on the implementation of Kazakhstan’s 2025 national budget, highlighting concerns over revenue shortfalls, repeated budget revisions, and increasing public debt servicing costs.
Presenting the report, Deputy Finance Minister Dauren Temirbekov stated that national budget revenues reached 21.1 trillion tenge (US$44.8 billion) in 2025 against a planned 21.4 trillion tenge (US$45.4 billion), representing 98.6% fulfillment of the annual target.
Overall budget revenues totaled 21.38 trillion tenge (US$45.4 billion), while expenditures amounted to 25.4 trillion tenge (US$53.9 billion), according to information presented in the Mazhilis.
The Ministry of Finance of Kazakhstan reported that the budget deficit stood at 4.1 trillion tenge (US$8.7 billion), or 2.5% of GDP, and was financed primarily through domestic sources.
Officials attributed the revenue shortfall of 336 billion tenge (US$713.3 million) mainly to lower-than-expected corporate income tax and VAT revenues. Among the contributing factors cited were declining global oil prices, reduced export volumes, weaker prices for certain metals, expanded customs and tax exemptions, and geopolitical developments.
At the same time, the ministry reported positive growth indicators. Non-transfer revenues increased by 1.8 trillion tenge (US$3.8 billion) year-on-year, while tax revenues rose by 2.2 trillion tenge (US$4.7 billion). According to the government, the increase was supported by Kazakhstan’s 6.5% economic growth in 2025, strengthening of the tenge exchange rate, higher prices for gold, silver, copper, zinc, and aluminum, as well as increased import turnover.
Additional revenues exceeding 700 billion tenge (US$1.5 billion) were generated through tax and customs administration measures. The Finance Ministry also reported that Kazakhstan’s state debt totaled 36.4 trillion tenge (US$77.3 billion) as of Jan. 1, equivalent to 22.8% of GDP. Government debt accounted for 34.8 trillion tenge (US$73.9 billion), or 21.8% of GDP, which officials stated remains within established national limits.
At the same time, parliamentarians raised concerns regarding budget planning and continued reliance on transfers from the National Fund of Kazakhstan.
According to the Supreme Audit Chamber of Kazakhstan, ineffective use of budget funds reached 649 billion tenge (US$1.4 billion) in 2025, 1.7 times higher than the previous year. The chamber also identified issues related to the implementation of national projects, insufficient transparency in the quasi-public sector, and rising expenditures on public debt servicing.
