Kazakhstan reverses National Fund withdrawal limits with new 2027-2029 transfers

September 2, 2026 at 05:00 AM1 min

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Kazakhstan plans to withdraw an additional 2 trillion tenge from the National Fund in 2027 and 1.5 trillion tenge in each of 2028 and 2029, reversing the 2025 fiscal rules that tightened transfers. AERC analyst Askhat Mukhtaruly said the move contradicts the government's earlier commitment to limit withdrawals for three years. The additional transfers will reduce the budget's borrowing needs and debt service costs.

Key Facts

Kazakhstan plans to withdraw an additional 2 trillion tenge from the National Fund in 2027 and 1.5 trillion tenge in each of 2028 and 2029 as targeted transfers.
The 2025 fiscal reform tightened National Fund transfer requirements and introduced new budget rules emphasizing savings for future generations.
AERC analyst Askhat Mukhtaruly said the new plans contradict the government's earlier commitment to maintain the strategy for at least three years.
The additional transfers will reduce the republican budget's borrowing needs and lower debt service costs.

Policy Reversal

Kazakhstan's 2025 fiscal reform tightened National Fund transfer requirements and enshrined new budget rules in law. The government began reducing the budget impulse and shifted emphasis toward saving oil revenues for future generations. The strategy was initially expected to remain in place for at least three years. The new socioeconomic forecast for 2027-2029 and the draft republican budget propose a noticeable step back from that strategy.

Analyst Assessment

AERC analyst Askhat Mukhtaruly said the problem is not the transfer volumes themselves but the instability of plans. He said the sharp change in the economic bloc's mood creates an impression of lacking a clear long-term vision. Mukhtaruly noted that the funds come from a depleting source of wealth, so efficiency, transparency, and targeted use requirements should be especially strict.