Reduced Inflation Rates in Kazakhstan Reach 8.6%
In a significant financial development, Kazakhstan's public debt reached 31.8 trillion tenge (approximately $720 billion USD) in 2024, according to information provided by the press service of the Cabinet of Ministers. This figure represents 23.7% of the country's GDP.
Simultaneously, the budget deficit for the same year stood at 3.6 trillion tenge (approximately $8.2 billion USD), equating to 2.7% of the GDP. The Minister of Finance, Madhi Takiyev, announced these figures during a joint session of the chambers in Parliament, but did not provide specific details about the public debt and budget deficit.
In a positive development, the Minister of Finance also announced a reduction in the inflation rate. In 2024, inflation in Kazakhstan decreased from 9.8% to 8.6%. This decrease was welcomed news, especially considering that it was announced during a parliamentary session presided over by President Kassym-Jomart Tokayev.
Interestingly, the announcement regarding the budget deficit and public debt was not made during a parliamentary session. Instead, it was reported by a news website, though the exact date of the announcement remains unspecified. Similarly, the source of the information about the budget deficit and public debt is not detailed.
The news report did not specify the exact date of the parliamentary session where the decrease in inflation was announced. Nonetheless, this reduction in inflation is a significant achievement and a positive sign for the country's economic stability.
As the situation continues to develop, it is crucial for the government to address these financial challenges and work towards reducing the budget deficit and public debt, while maintaining a stable and low inflation rate.
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