JOINT ORDERS OF I.O. OF THE MINISTER OF NATIONAL ECONOMY OF THE REPUBLIC OF KAZAKHSTAN, THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN AND THE RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN, BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of June 27, 2025 No. 61, on June 30, 2025 No. 330, on July 25, 2025 No. 41, on August 12, 2025 No. 31

About approval of Rules of forming of the analytical report about the budget risks

According to Item 2 of Article 53 of the Budget code of the Republic of Kazakhstan the Deputy prime minister - the Minister of national economy of the Republic of Kazakhstan, the Minister of Finance of the Republic of Kazakhstan PRIKAZYVAYUT and Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market, Board of National Bank of the Republic of Kazakhstan of POSTANOVLYAYUT:

1. Approve the enclosed Rules of forming of the analytical report about the budget risks.

2. To provide to department of the budget policy of the Ministry of national economy of the Republic of Kazakhstan in the procedure established by the legislation of the Republic of Kazakhstan:

1) within five working days from the date of signing of these joint orders and resolutions the direction for placement them in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

2) placement of these joint orders and resolutions on Internet resource of the Ministry of national economy of the Republic of Kazakhstan after their first official publication.

3. To assign control of execution of these joint orders and resolutions to the supervising vice-ministers of national economy of the Republic of Kazakhstan, finance of the Republic of Kazakhstan, the vice-chairman of the Agency of the Republic of Kazakhstan of regulation and development of the financial market and the vice-chairman of National Bank of the Republic of Kazakhstan.

4. These joint orders and resolutions become effective after ten calendar days after day of their first official publication.

Appendix

to joint Orders of the Acting Minister of national economy of the Republic of Kazakhstan, the Minister of Finance of the Republic of Kazakhstan and Resolutions of Board of National Bank of the Republic of Kazakhstan, Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of June 27, 2025 No. 61, on June 30, 2025 No. 330, on July 25, 2025 No. 41, on August 12, 2025 No. 31

Rules of forming of the analytical report about the budget risks

Chapter 1. General provisions

1. These rules of forming of the analytical report about the budget risks (further – Rules) are developed according to Item 2 of Article 53 of the Budget code of the Republic of Kazakhstan (further – the Budget code) and determine procedure for forming of the analytical report about the budget risks (further – the analytical report).

2. The analytical report is created annually in case of project development of the law on the republican budget for the next planning period.

3. The analytical report includes the macroeconomic, quasifiscal risks, risks of the financial sector, risks connected with debt obligations of public sector, with the state obligations on projects of public-private partnership (further – PPP) and other specific risks, and is applied to assessment of impact of the budget risks on the budget parameters.

4. Basis for development of the analytical report are the forecast of social and economic development of the Republic of Kazakhstan, performance reports of the republican, state and consolidated budgets, about forming and use of means of National fund of the Republic of Kazakhstan (further – National fund), about off-budget funds, official statistical, departmental and other data of state bodies, information bases, and also information posted on the websites of authorized bodies and organizations.

5. The analytical report is not subject to approval and according to Item 3 of Article 53 of the Budget code is published on official Internet resource of the central authorized body on the budget policy.

6. The basic concepts used in these rules:

1) the central authorized body on the budget policy – the central executive body performing management and also in limits, stipulated by the legislation the Republic of Kazakhstan, cross-industry coordination in the field of the budget policy, including in the field of development of the budget system, management of public finances and forecasting of the income, economic policy, policy of investment attraction, public-private partnership, the state investment projects, the interbudget relations, the state and guaranteed by the state borrowing and debt, management of the state assets, attraction and within the competences established by the Budget Code, uses of grants.

2) the budget risk – the uncertainty complicating management of public finances and reducing realness of the budget owing to impact of internal and (or) external economic and (or) macroeconomic and other factors in the medium term;

3) subjects of the quasi-public sector – the state companies, limited liability partnerships, joint-stock companies, including National welfare fund, national managing holdings, national holdings, the national companies, founder, the participant or the shareholder of which is the state, and also the affiliated, dependent and other legal entities who are affiliated with them according to legal acts of the Republic of Kazakhstan, fund of social medical insurance, the State Social Insurance Fund, the non-profit organization providing conditions for activities of bodies, their organizations and members of the International financial center "Astana";

4) the project of public-private partnership – set of the consecutive actions for implementation of public-private partnership realized during the limited period of time and having complete nature according to the law of the Republic of Kazakhstan "About public-private partnership" and to the budget legislation of the Republic of Kazakhstan;

5) macrofiscal stress testing – method of the analysis and assessment of resistance of financial system of the country to various economic and fiscal shocks;

6) macroeconomic shocks – considerable changes in key macroeconomic indicators which go beyond standard fluctuations of economic cycle and have significant effect on national economy;

7) the retrospective analysis – the description of the large external shocks which exerted negative impact on the budget line items of Kazakhstan for the last 15 years.

Chapter 2. Procedure for forming of the analytical report about the budget risks

7. The analytical report is created in case of project development of the law on the republican budget for planning period in the following procedure:

1) the central authorized bodies, the organizations and subjects of the quasi-public sector no later than April 1 of the year preceding the planned period represent to the central authorized body on the budget policy information according to appendices 1, 2 and 3 to these rules;

The central authorized body on the budget policy uses the financial reporting placed in open sources including on the official site of the Single operator in the sphere of accounting of state-owned property.

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