The National Bank of Kazakhstan conducted a research on the topic “Parameters of Kazakhstan’s fiscal policy”.

In this paper, international experience in assessing the nature of fiscal policy has been studied. NBK’s analysts have calculated indicators of Kazakhstan's fiscal position based of methods developed by international organizations.

According to the study, the fiscal policy of Kazakhstan in the period from 2010 to 2022 was mainly pro-cyclical. This conclusion was made based on the assessment of alternative fiscal indicators, such as the structural and non-oil fiscal balance.

To overcome the pro-cyclicality of Kazakhstan's fiscal policy, it is proposed to enshrine at the legislative level counter-cyclical fiscal rules that target the non-oil or structural fiscal balance.

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