ASTANA — Deputies of the Mazhilis, a lower chamber of the Kazakh Parliament, reviewed government and audit reports on the implementation of Kazakhstan’s 2025 national budget, raising concerns over missed revenue targets, repeated budget revisions, and the growing cost of servicing public debt.
Presenting the report, Deputy Finance Minister Dauren Temirbekov said 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), with the annual revenue target fulfilled at 98.6%. Overall budget receipts totaled 21.38 trillion tenge (US$45.4 billion), while expenditures amounted to 25.4 trillion tenge (US$53.9 billion), reported the Mazhilis on May 21.
According to the Finance Ministry, the budget deficit stood at 4.1 trillion tenge (US$8.7 billion), or 2.5% of GDP, and was financed mainly through domestic sources. Officials attributed the revenue shortfall of 336 billion tenge (US$713.3 million) primarily to lower-than-expected corporate income tax and VAT revenues.
The ministry cited declining global oil prices, reduced export volumes, weaker prices for some metals, increased customs and tax exemptions, and geopolitical factors among the key reasons behind lower tax inflows. Temirbekov noted that despite the shortfall, 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).
The government linked the growth to Kazakhstan’s 6.5% economic expansion in 2025, a stronger tenge exchange rate, higher prices for gold, silver, copper, zinc, and aluminum, and increased import turnover. Additional revenues of more than 700 billion tenge (US$1.5 billion) were generated through tax and customs administration measures, according to the ministry.
The Finance Ministry also reported that Kazakhstan’s state debt stood at 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, according to officials, is within the limits established by the country.
At the same time, the Parliament questioned budget planning and continued dependence on transfers from the National Fund, a state-owned fund that accumulates the country’s massive hydrocarbon revenues. According to the Supreme Audit Chamber, ineffective use of budget funds reached 649 billion tenge (US$1.4 billion) in 2025, 1.7 times higher than the previous year.
It also identified problems in the implementation of national projects, insufficient transparency in the quasi-public sector, and rising expenditures on public debt servicing.