In the second quarter and in the first half of this year as a whole, the situation in the budgetary sphere was in stress: due to the expansion of anti-crisis measures, social expenditures and investments increased most noticeably, while total state budget expenditures in 1H2020 increased by 25% yoy. As a result of a decrease in tax revenues in 1H2020 by more than 11% yoy, transfers from the National Fund became the main source of filling the state budget, providing more than 40% of all revenues in 1H2020. At the same time, the state budget deficit sharply increased to 3% of GDP in 1H2020 (0.4% of GDP in 1H2019). To finance the increased budget deficit, the Ministry of Finance increased borrowing in the domestic market by 55% yoy. The persisting oil prices at a level above $40 per barrel contribute to the fact that, given the favorable development of the epidemiological situation in the second half of the year, the situation in the economy and, accordingly, in state finances will begin to improve. At the same time, the deficit of the state budget in Kazakhstan, thanks to transfers from the National Fund, will be moderate by world standards, although it will reach a record value over the past 20 years.
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