Kazakhstan’s Budget Revenues Rise 13.2% to 1.8 Trillion Tenge, Finance Minister Says
Kazakhstan’s economy grew by 6.5% in 2025, driven primarily by the transport, construction, mining and trade sectors, Finance Minister Madi Takiyev told a Senate session.
According to the minister, annual inflation stood at 12.3%, while the average monthly wage reached 442,000 tenge. The unemployment rate remained unchanged at 4.6%.
Public debt remained within the established threshold, amounting to 22.8% of GDP, or 36.4 trillion tenge. Assets of the National Fund reached $73.8 billion at the end of 2025, including $63.9 billion held in the foreign currency portfolio.
Revenues to the republican budget totaled 21.4 trillion tenge, representing 99% of the planned target. The shortfall amounted to 336 billion tenge.
Takiyev said budget execution was affected by a decline in the average oil price from $75 to $69 per barrel, a $1.7 billion reduction in exports, and a 709.3 billion tenge decrease in tax payments from 134 major enterprises amid the geopolitical situation.
At the same time, the republican budget’s own-source revenues increased by 1.8 trillion tenge compared with 2024, representing growth of 13.2%.
Tax revenues rose by 2.2 trillion tenge, or 17.5%. Corporate income tax receipts increased by 880 billion tenge, or 24%, while value-added tax (VAT) revenues grew by 932.5 billion tenge, or 18%.
As a result of desk audits, authorities recovered 388 billion tenge for the budget, 126 billion tenge more than a year earlier.
The government also continued to meet its obligations to businesses. In 2025, VAT refunds totaling 1.354 trillion tenge were paid from the budget.
According to the minister, revenue growth was driven by economic expansion, higher corporate income tax and VAT collections, increased imports, and improved tax administration efficiency.
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Assets Generating 3.4 Trillion Tenge in Revenue to Be Transferred to Competitive Market Environment
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Assets Generating 3.4 Trillion Tenge in Revenue to Be Transferred to Competitive Market Environment
Kazakh President Kassym-Jomart Tokayev heard a report from Marat Omarov, Chairman of the Agency for Protection and Development of Competition, on the implementation of the presidential decree on economic liberalisation.
Omarov said that, with the participation of the National Privatisation Office, a plan had been approved to optimise quasi-state sector entities and state-owned assets for the 2026-2030 period. The assets scheduled to be transferred to the competitive market environment generate combined revenue of 3.4 trillion tenge.
The parties also discussed reforms to the public procurement system. As a result of measures already implemented, the share of single-source procurement has fallen from 39% to 24%. Consequently, the volume of competitive procurement increased from 6.2 trillion to 8.1 trillion tenge.
The agency chief also reported on efforts to remove barriers to business activity, eliminate unproductive intermediaries in key markets, and develop new approaches to regulating the digital economy.
Following the meeting, Tokayev issued a number of instructions.
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Finance Ministry Reveals Size of Kazakhstan’s Public Debt
Speaking on the sidelines of a Mazhilis session, Kazakhstan’s Finance Minister Madi Takiyev outlined the structure of the country’s public debt and the cost of servicing it.
We do not include the quasi-public sector in these calculations. Kazakhstan’s sovereign government debt stands at $17 billion, or 4.5% of GDP. This is significantly lower than in neighbouring countries," Takiyev said.
According to the minister, debt servicing costs amount to approximately 3.5 trillion tenge.
We spend 3.5 trillion tenge on debt servicing. However, through diversification of our debt portfolio, we have already saved 115 billion tenge this year," he said.
Takiyev also explained the government's approach to accounting for debt owed by quasi-state entities. Such liabilities are not included in the public debt calculation because the companies themselves are responsible for repaying their borrowings.
These are obligations between business entities. They borrow independently and repay independently. The state has not provided guarantees for these loans," he said.
He added that state guarantees are issued only in specific cases, such as infrastructure projects.
The government may provide guarantees, for example, for road rehabilitation projects. But the amount involved is only about 2 trillion tenge. We bear no responsibility for all other debts," the minister explained.
Earlier, the Mazhilis ratified loan agreements between Kazakhstan, the International Bank for Reconstruction and Development (IBRD), and the Asian Infrastructure Investment Bank (AIIB).
The agreement with the IBRD provides for a loan of 92.3 billion Japanese yen with an 11-year maturity, including a five-year grace period. The agreement with the AIIB предусматривает a loan of 62.4 billion yen on similar terms.
According to the explanatory note accompanying the legislation, the financing is intended to support the resilience of the national economy within the framework of the approved republican budget deficit for the planning period.
The interest rate on both loans will be calculated using the Tokyo Overnight Average Rate (TONA) plus a variable spread. The agreements also provide for a one-time fee of 0.25% of the loan amount and a commitment fee of 0.25% per annum on undisbursed funds.
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Trade Between Kazakhstan and Uzbekistan Reaches $4.8 Billion
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Trade turnover between Kazakhstan and Uzbekistan increased by 16.2% in 2025 to reach $4.8 billion, according to discussions held during a meeting between Kazakh Prime Minister Olzhas Bektenov and Uzbek President Shavkat Mirziyoyev, the Kazakh government's press service reported.
Bilateral trade amounted to $1.9 billion in January-April, which is 42.1% higher than during the same period last year," the press service said.
Particular attention was also paid to the development of trade and economic ties, industrial cooperation, transport and logistics connectivity, as well as collaboration in the fields of energy, water resources and tourism.
Speaking at the 5th Tashkent International Investment Forum, Bektenov said Kazakhstan supports further deepening cooperation among countries in the region in order to unlock the economic potential of Central Asia.
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Trade Ministry Comments on Food Price Growth
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Kazakhstan's Minister of Trade and Integration Arman Shakkaliyev has commented on whether food prices could rise following increases in electricity tariffs and fuel prices, speaking on the sidelines of a Mazhilis session, an agency correspondent reported.
I cannot say that electricity costs have no impact; they are certainly one of the factors affecting production conditions. However, fluctuations in these prices are not critical. The key factor in production costs remains primary raw materials," the minister said.
He noted that raw materials account for the largest share of production costs for most food products. In dairy products, raw materials make up as much as 80% of total costs; in bakery products, flour accounts for around 65%; while feed represents up to 80% of the cost of beef production.
According to Shakkaliyev, price growth is also influenced by the balance between supply and demand, as well as seasonal factors.
There are consumption patterns, and seasonality also plays a role - all of these factors influence prices. Prices never remain static, but they are stable when the market is sufficiently supplied. Food inflation exists. Our task is to prevent increases in the prices of the most in-demand goods and avoid sharp spikes. Growth itself is also a law of economics," he said.
The minister also reported that prices for socially important food products have risen by 1.5% since the beginning of the year, which is 4.5 times lower than during the same period last year.
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哈萨克斯坦将获得1547亿日元贷款支持经济发展
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据记者报道，哈萨克斯坦议会下院（马吉利斯）批准了哈萨克斯坦分别与世界银行集团下属国际复兴开发银行（IBRD）以及亚洲基础设施投资银行（AIIB）签署的两项贷款协议。两笔贷款总额为1547亿日元。
第一项协议规定，向哈萨克斯坦提供923亿日元贷款，贷款期限为11年，其中包括5年宽限期。该协议于2026年5月20日在阿斯塔纳签署。
第二项协议于2026年6月15日签署，贷款金额为624亿日元，贷款条件与第一项协议基本相同。
马吉利斯表示："两项贷款协议所筹集资金将用于在既定国家预算赤字框架内支持哈萨克斯坦经济稳定发展。贷款利率按照TONA（东京隔夜平均利率）加浮动利差的方式确定。此外，还设有相当于贷款总额0.25%的一次性手续费，以及针对未使用贷款余额按年收取0.25%的承诺费。"
Kazakhstan to Secure ¥154 Billion in Loans to Support Economy
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Kazakhstan's Mazhilis, the lower house of parliament, has ratified two loan agreements between Kazakhstan, the International Bank for Reconstruction and Development (IBRD) and the Asian Infrastructure Investment Bank (AIIB). The total value of the loans amounts to 154.7 billion Japanese yen, an agency correspondent reported.
The first agreement provides Kazakhstan with a loan of 92.3 billion yen for a period of 11 years, including a five-year grace period. The document was signed in Astana on 20 May 2026.
The second agreement, signed on 15 June 2026, provides for a loan of 62.4 billion yen on similar terms.
Financing under both agreements is aimed at supporting the resilience of the country's economy within the framework of the approved republican budget deficit for the planned period. The interest rate on the loans is determined according to the formula TONA plus a variable spread. The agreements also provide for a one-time front-end fee of 0.25% of the loan amount and a commitment fee of 0.25% per annum on undisbursed balances," the Mazhilis said.
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哈萨克斯坦与伊朗将加快交通走廊和港口基础设施建设
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据哈萨克斯坦政府新闻处消息，哈萨克斯坦副总理兼国民经济部长谢里克·朱曼加林与伊朗道路和城市发展部长法尔扎内·萨德格举行会谈，双方就加强交通运输、物流和投资领域合作达成一系列共识。
双方重点讨论了"南北国际运输走廊"建设、港口基础设施扩建以及扩大双边贸易规模等议题。
朱曼加林表示，伊朗是哈萨克斯坦在本地区重要的经贸伙伴之一。2025年两国贸易额同比增长26.4%，达到4.302亿美元。双方计划未来将这一数字提升至30亿美元。
会谈特别关注"南北国际运输走廊"的发展。去年，该运输线路货运量同比增长12%，达到350万吨；哈萨克斯坦与伊朗之间的铁路货运量则增长69%。
为进一步释放该运输走廊潜力，哈方提议制定基础设施现代化联合路线图，以将该运输通道年通行能力提升至2000万吨。
双方还讨论了港口合作发展问题。伊朗已完成向哈萨克斯坦划拨位于阿巴斯港沙希德拉贾伊港（Shahid Rajaee Port）土地的相关审批程序。此外，伊方确认愿为哈萨克斯坦在恰巴哈尔港（Chabahar Port）开展业务提供条件。该港口是进入南亚和东南亚市场的重要门户。
萨德格表示，扎黑丹-恰巴哈尔铁路项目建设已完成90%以上，预计将在未来数月内投入运营。项目建成后，恰巴哈尔港将被纳入连接印度洋、中亚和欧洲的国际铁路网络体系。
与此同时，哈萨克斯坦表示愿研究向伊朗企业提供位于里海沿岸阿克套港和库雷克港的港区、泊位及码头设施。
双方还强调，中国、哈萨克斯坦、土库曼斯坦、伊朗和土耳其签署的五方铁路合作协议具有重要意义。同时，哈萨克斯坦、俄罗斯、土库曼斯坦和伊朗即将签署四方铁路运价协议，这将为贸易和过境运输增长创造更多有利条件。
会谈结束后，双方重申将加快联合项目实施，推动交通物流基础设施建设，并进一步加强吸引投资方面的合作。
Kazakhstan and Iran to Accelerate Development of Transport Corridors and Port Infrastructure
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Kazakhstan and Iran plan to expand cooperation in transport, logistics and investment. The agreements were reached during a meeting between Kazakhstan’s Deputy Prime Minister and Minister of National Economy Serik Zhumangarin and Iran’s Minister of Roads and Urban Development Farzaneh Sadegh, the Kazakh government’s press service said.
The parties discussed the development of the International North-South Transport Corridor, the expansion of port infrastructure and measures to increase bilateral trade.
According to Zhumangarin, Iran is one of Kazakhstan’s key trade and economic partners in the region. Bilateral trade increased by 26.4% in 2025 to $430.2 million. The two countries aim to raise this figure to $3 billion in the future.
Particular attention was paid to the development of the North-South transport corridor. Freight volumes along the route rose by 12% last year to 3.5 million tonnes, while rail cargo traffic between Kazakhstan and Iran increased by 69%.
To further unlock the route’s potential, Kazakhstan proposed developing a joint roadmap for infrastructure modernisation, which would increase the corridor’s capacity to 20 million tonnes per year.
The parties also discussed port development. Iran has completed the process of allocating a land plot to Kazakhstan at Shahid Rajaee Port in Bandar Abbas. In addition, the Iranian side confirmed its readiness to provide Kazakhstan with access to operations at Chabahar Port, which serves as a gateway to the markets of South and Southeast Asia.
According to Farzaneh Sadegh, construction of the Zahedan-Chabahar railway line is more than 90% complete, with commissioning expected in the coming months. Once operational, Chabahar Port will be integrated into an international railway network linking the Indian Ocean with Central Asia and Europe.
Kazakhstan, for its part, said it was ready to consider providing Iranian companies with port facilities, berths and terminals at the Caspian Sea ports of Aktau and Kuryk.
The two sides also highlighted the importance of the five-party railway agreement signed by China, Kazakhstan, Turkmenistan, Iran and Turkey, as well as the planned signing of a four-party tariff agreement involving Kazakhstan, Russia, Turkmenistan and Iran, which is expected to create additional opportunities for trade and transit growth.
At the conclusion of the meeting, both sides reaffirmed their commitment to accelerating joint projects, developing transport and logistics infrastructure and stepping up efforts to attract investment.
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