Kazakhstan's 2027 budget has no safety margin, deputy speaker says

September 17, 2026 at 10:22 AM2 min

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Kazakhstan's 2027 budget has been formed with virtually no safety margin, with spending at 30.2 trillion tenge, 100% of the limit, and a deficit of 2.3% of GDP, the maximum allowable target, Deputy Speaker of the Kurultai Daniya Yespayeva said on September 17, 2026. Under adverse scenarios, the deficit could widen from 4.6 trillion to 5.6–6.5 trillion tenge. Debt service is consuming 40.6% of own revenues, crowding out development policy.

Key Facts

Spending in the 2027 budget is set at 30.2 trillion tenge, equal to 100% of the limit, and the deficit is planned at 2.3% of GDP, the maximum allowable target.
Under adverse scenarios, the budget deficit could increase from 4.6 trillion to 5.6–6.5 trillion tenge.
Own revenues are projected at 19.9 trillion tenge, about 10% of GDP, with much of the 2027 growth reflecting recovery from a revenue shortfall in 2026.
Debt repayment and servicing amount to 40.6% of own revenues, which Yespayeva said is crowding out development policy.
The Supreme Audit Chamber proposed cutting budget spending by 396 billion tenge after finding insufficient justification for some expenditures.

Budget Parameters

Deputy Speaker of the Kurultai Daniya Yespayeva presented the 2027–2029 budget bill to deputies on September 17, 2026. She said the 2027 budget was formed with virtually no safety margin: spending of 30.2 trillion tenge equals 100% of the limit, and the deficit of 2.3% of GDP is the maximum allowable target. The analytical report for 2027 indicates that under adverse scenarios the deficit could widen from 4.6 trillion to 5.6–6.5 trillion tenge. Yespayeva questioned how the government intends to keep budget parameters within the limits set by parliament.

Revenue and Debt

Own revenues are growing too slowly, reaching 19.9 trillion tenge, or about 10% of GDP, according to Yespayeva. A significant part of the 2027 growth is the recovery from the revenue shortfall of 2026. Debt repayment and servicing amount to 40.6% of own revenues, which Yespayeva said is beginning to crowd out development policy. Deputy Olga Perepechina supported Yespayeva's assessment.

Spending Review

Yespayeva said the main reserve for improving budget quality is a thorough review and cleanup of expenditures. The Supreme Audit Chamber found shortcomings not only in individual spending items but also in the quality of budget planning. For some expenditures there are no sufficient justifications, calculations, or documents confirming that projects are ready for financing. Questions arose over investment projects, spending by state and quasi-state companies, state assignments, and certain expenditures in the social sector, healthcare, and agriculture. Following its review, the Supreme Audit Chamber proposed cutting budget spending by 396 billion tenge.