The Ministry of Finance's data indicates that the National Fund of Kazakhstan decreased by an additional $1.1 bn in April, dropping from $64.9 bn to $64.4 bn. Since the beginning of the year, the fund has shrunk by $1 bn, starting with $65.5 bn.
The fund experienced fluctuations in 4M24. In January, it decreased by $299 mn. It then increased by $265 mn in February but decreased again by $597 mn in March.
Over the past four months, the National Fund received a total of $3.9 bn, including $676 mn in April. Almost all of this income came from tax payments from the oil industry.
Despite income, the National Fund spent more money than it received from January to April, with total expenditures of $4.3 bn. In April, $1.1 bn was spent. Of this, $3.3 bn was allocated to guaranteed transfers, $926 mn for targeted transfers, and $11.2 mn for the fund's expenditures.
The law on the state budget of Kazakhstan for 2024-2026 allocates $4.5 bn for guaranteed transfers this year. With $3.3 bn already spent in 4M24, three-quarters of the allocated sum for guaranteed transfers in 2024 has already been utilized.
Previously, the government of Kazakhstan used targeted transfers from the National Fund to finance current budget spending. However, in September 2023, President Kassym-Jomart Tokayev signed an edict mandating that targeted transfers be used solely for financing critical infrastructure development and national projects.
In 2023, the National Fund reported an increase of $5.1 bn, growing from $60.1 bn to $65.5 bn. Throughout the year, the fund received $14.4 bn and spent $9 bn.
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