Despite the growth of budget revenues (excluding NF transfers) by 64.4% yoy to T2.9 trln in the second quarter of 2021, maintaining expenditures at a high level (T4.3 trln, +3.9% yoy) combined with a reduction in transfers from the National Fund (-T1 trln yoy) led to an expansion of the state budget deficit to T1.1 trln (T807 bn in 2Q2020). In its turn, there was a significant increase in the borrowings of Ministry of Finance, its volume expanded by almost 60% yoy to T2 trln in 1H2021. At the same time, the Government has revised the planned parameters of the budget for 2022. Budget expenditures have been increased by T1 trln, and the revenues has been enlarged by T0.7 trln. As a result, instead of the planned reduction of the budget deficit next year, it is expected to further expand to historically record levels – 33% higher than the deficit of the crisis 2020.
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