Kazakhstan's budget policy: the disparity between economic and social policies

The article examines the key aspects of the budget policy of the Republic of Kazakhstan at the present stage, with an emphasis on identifying imbalances between the economic and social components of public policy. The author analyzes the economic stability of the country, the structure of revenues and expenditures of the republican budget, as well as the dependence of the Kazakh economy on oil and gas revenues and transfers from the National Fund. The paper compares budget indicators, budget deficits by regions and cities, the level of debt burden, the volume of external borrowing, as well as the mechanism for placing government securities on the domestic market. Special attention is paid to the problems of outstripping the growth of social obligations in conditions of instability of the national economy and slowing economic growth. It is emphasized that the growth of transfers from the national budget to the regions and the servicing of domestic debt are becoming the dominant areas of budget spending. The author also evaluates the effectiveness of the current model of inter-budgetary relations, pointing to the weak revenue base of most regions and their increased dependence on government funding. The article also analyzed various models of inter-budgetary relations between the CIS countries and a number of other countries. Possible options for restructuring public debt, diversifying budget revenue sources, improving spending efficiency, and stimulating economic growth through non-resource sectors were proposed. The article also touches upon the institutional and structural aspects of fiscal policy, the disparity between economic and social policies, and the strengthening of control over the use of budgetary funds. The results of the study are of interest to the scientific community, government agencies, analysts and experts.

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