News Column

Tax revenues comprise 70% of Kyrgyzstan's budget revenues

August 5, 2014



The draft public budget for 2015 and forecast for 2016-2017 is under consideration in the government now, Prime Minister of Kyrgyzstan Joomart Otorbayev said at the public hearings on 2015 budget on August 6.

"If we compare the public budget for 2015 with previous years, we will see the budget revenues have tripled. Tax revenues comprise 70% of overall budget revenues. However, expenditures are growing as well... The World Bank criticizes us for growing social expenditures. The more social expenditures grow, the higher inflation level is," Prime Minister Otorbayev said.

"We export inflation from Kazakhstan and Russia. We lack budget funds for development of economy. Additional expenditures in 2015 are mainly spent for social spheres, benefits, pensions. We should also find money for pay increase for military," the Prime Minister underscored.

The Prime Minister said unfortunately the budget targets were not achieved for the first 8 months as planned.

"At the same time we have not bad economic growth figures compared to CIS countries. 6% growth of GDP is planned for the next year," the Prime Minister stated.

"We signed lots of agreements on investment projects last year. The scope of foreign investments is growing. There will be big changes in economy, real economic sector grew from 23% to 36%... We plan to finish work on draft budget and forecast for 2016-2017 in August. The government meeting should take place on August 22," the Prime Minister said.


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Source: AKIpress News Agency (Kyrgyz Republic)


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