President Sadyr Japarov has signed the Law “On the Republican Budget of the Kyrgyz Republic for 2024 and the planning period of 2025-2026”, 24.kg reports. The document was adopted by the Jogorku Kenesh on December 14, 2023.
Budget details
According to the budget, revenues will amount to KGS 378.4bn ($4.2bn), while expenditures are projected at KGS 367.5bn ($4.1bn). This results in a republican budget surplus of KGS 10.9bn ($122mn).
Utilization of surplus
The surplus is proposed to be used to finance expenditures for operations with financial assets and cover the main part of external liabilities, which includes the main amount of the state's external debt. In addition, the planned parameters of the KR republican budget for 2025-2026 were approved.
Comparative Analysis
The budget surplus of 1.2% of GDP is attributed to strong revenue performance. Total revenues increased to 47.3% of GDP from 40.4% a year ago, driven mainly by tax revenues. However, the economic growth in the Kyrgyz Republic moderated from 6.3% in 2022 to an expected 3.5% in 2023.
The 2024 budget and the planning period of 2025-2026 reflect the Kyrgyz Republic’s commitment to fiscal responsibility and economic stability. The government’s prudent management of revenues, expenditures, and surplus funds is expected to contribute to the country’s financial resilience and sustainable growth.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)