Kazakhstan’s Ministry of National Economy reported that the government failed to meet its 2024 national budget goals, particularly in reducing the non-oil deficit, which excludes revenues from the oil and gas sector. The ministry attributed the shortfall to unexpectedly high revenues from the oil export duty.
The government’s long-term fiscal strategy, outlined in its public finance management concept through 2030, targets a reduction of the non-oil deficit to 5% of GDP by the end of the decade. A milestone of 7.9% of GDP had been set for 2024, but the actual figure came in slightly higher, at 8% or roughly...