[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108276-en":3,"doc-seo-108276-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108276,8796095360427,"Lucas Martin","https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d",8,"Research & Report","Kazakhstan: Strengthening Public Finance for Inclusive and Resilient Growth - Public Finance Review","Kazakhstan’s public finance system benefits from oil-revenue fiscal buffers, yet progress is constrained by unclear overall fiscal stance, widespread quasifiscal activities, and insufficient monitoring of the budget risks they create. Revenue collection productivity remains low, revenue policy progressivity advances slowly, and spending inefficiencies persist in key areas. The review emphasizes improving the efficiency, equity, and effectiveness of education and social protection spending through better targeting and stronger monitoring and evaluation, especially amid challenging growth prospects.","Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized  \nKazakhstan: Strengthening Public Finance for Inclusive and Resilient Growth  \nOverview of the Public Finance Review  \nKazakhstan is endowed with fiscal buffers from oil revenues, but its public finances need improvement if the country is to support inclusive and resilient growth. This Public Finance Review (PFR) acknowledges the progress already made by the Government of Kazakhstan to improve fiscal and budgeting policies, and maintain a relatively low level of government debt. However, the PFR also concludes that the country’s public finances are undermined by a lack of clarity in the overall fiscal stance, the proliferation of quasifiscal activities (QFAs) and deficiencies in monitoring the risks that these QFAs pose to the budget, low productivity in revenue collection, low progressivity in revenue policy, significant inefficiencies in spending in key areas, and underdeveloped monitoring and evaluation in budgeting and program implementation. Given the importance of education and social protection in public spending, this PFR stresses the need to improve the efficiency, equity, and effectiveness of public spending in education, and the targeting and evaluation of the social protection system.  \nImproving public finance policies has never been so important for Kazakhstan, given the challenging prospects for growth. Despite the end of the COVID-19 crisis, near-term external conditions remain challenging. The main risks arise from uncertainties in global economic growth, volatile commodity prices, and geopolitical conflicts such as Russia’s invasion of Ukraine. Kazakhstan also faces high consumer prices, with inflation reaching 20 percent year-on-year (y-o-y) in December 2022—the highest level since 2016. The nationwide protests in January 2022 added pressure for more accountable, inclusive, and transparent approaches in public finances. The unrest also tested the Government’s capacity to respond to growing concerns over wealth and income inequality. Although Kazakhstan has a Gini coefficient of only 0.29 (2021), this statistic is misleading due to underreporting in surveys, and contrasts with the fact that the World Inequality Database suggests that the top 1 percent of income earners in Kazakhstan possess nearly 30 percent of the country’s wealth compared with just 5 percent of that wealth for the bottom 50 percent of the population. Continued volatility in oil prices also exposes oil revenues, which contributed 35 percent to the government budget, to the risk of sharp fluctuations.1 Kazakhstan is also exposed to climate change and the green transition, which expose the budget to climate-related disasters and the possibility of slower growth in oil revenues going forward.  \nThe Government has taken steps to improve public financial management (PFM). In 2022, the Government adopted the Concept of Public Finance until 2030 as a framework to preserve fiscal space by controlling spending, raising revenue, limiting public debt, and improving transparency in budget reporting. The Concept aims to reduce the non-oil deficit, which remained elevated at 9.9 percent of GDP between 2019 and 2021, to just 5 percent. It also outlines the 2030 debt limits as a percentage of GDP: total public debt2 (28 .3 percent at 2021) and quasi-public sector debt (23 .6 percent of GDP in 2021) should not exceed 53.2 percent of GDP. To preserve fiscal buffers, Kazakhstan aims to increase the assets of the National Fund of the Republic of Kazakhstan (the NFRK, or the “Oil Fund”), which stood at US$55 billion at the end of 2021 (28 percent of GDP), to US$100 billion by 2030. The Government has also introduced changes in the  \n1 Using the Government’s classification of oil revenues on general government budget: customs duty from oil export and transfers from the National Fund of Republic of Kazakhstan.  \n2 Covering central government, local ","cbCaivvFLLDPVkCf","https://ap.wps.com/l/cbCaivvFLLDPVkCf","pdf",5734922,3,1,24,"English","en",105,"# Overview of the Public Finance Review\n## Key constraints affecting public finances\n## Macro-fiscal context and emerging risks\n# Public financial management reforms\n## Concept of Public Finance until 2030\n## Debt limits and National Fund targets\n# Fiscal framework and debt management: mind the gaps\n## Consolidation discipline in good times\n## Spending impacts and building fiscal buffers","[{\"question\":\"What main weaknesses in Kazakhstan’s public finances does the review identify?\",\"answer\":\"It points to unclear fiscal stance, proliferation of quasifiscal activities, weak monitoring of related risks, low revenue collection productivity, limited progress on revenue progressivity, and inefficiencies in spending, alongside underdeveloped monitoring and evaluation in budgeting and program delivery.\"},{\"question\":\"Why does the review stress reforming education and social protection spending?\",\"answer\":\"Education and social protection are central in public spending, so improving spending efficiency, equity, and effectiveness—and strengthening targeting and evaluation—is essential to deliver inclusive and resilient growth outcomes.\"},{\"question\":\"What does the review suggest about fiscal policy during “good times” versus “bad times”?\",\"answer\":\"While fiscal responses during difficult periods were decisive, it argues that fiscal consolidation is limited when oil revenues improve. The fiscal framework should avoid a persistently loose stance that can overheat the economy and weaken macroeconomic stability.\"}]",1784470054,60,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"kazakhstan-strengthening-public-finance-for-inclusive-and-resilient-growth-public-finance-review","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":20},"https://docshare.wps.com/document/research-report/",{"item":51,"name":13,"@type":43,"position":52},"https://docshare.wps.com/document/kazakhstan-strengthening-public-finance-for-inclusive-and-resilient-growth-public-finance-review/108276/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What main weaknesses in Kazakhstan’s public finances does the review identify?","Question",{"text":75,"@type":76},"It points to unclear fiscal stance, proliferation of quasifiscal activities, weak monitoring of related risks, low revenue collection productivity, limited progress on revenue progressivity, and inefficiencies in spending, alongside underdeveloped monitoring and evaluation in budgeting and program delivery.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why does the review stress reforming education and social protection spending?",{"text":80,"@type":76},"Education and social protection are central in public spending, so improving spending efficiency, equity, and effectiveness—and strengthening targeting and evaluation—is essential to deliver inclusive and resilient growth outcomes.",{"name":82,"@type":73,"acceptedAnswer":83},"What does the review suggest about fiscal policy during “good times” versus “bad times”?",{"text":84,"@type":76},"While fiscal responses during difficult periods were decisive, it argues that fiscal consolidation is limited when oil revenues improve. The fiscal framework should avoid a persistently loose stance that can overheat the economy and weaken macroeconomic stability.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":92},[93,97,101,105,109,114,119,122,127,130,134],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":46,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":46,"category_name":107,"show_sort_weight":29,"slug":108},5,"Comic","comic",{"id":110,"doc_module":4,"doc_module_name":46,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":46,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":46,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":46,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":46,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":46,"category_name":136,"show_sort_weight":106,"slug":137},19,"General","general"]