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Ministry of Finance: balanced budget not contribute to development

In 2017 the Ministry of Finance has planned a budget deficit of 23.3 billion soms or 4.7 percent to GDP, the Minister of Finance Adylbek Kasymaliev told reporters today.

According to him, in 2016, the deficit reached the level of 20.9 billion soms. And compared with 2015, it reduced by 0.3 percent.

We can stop taking loans, we can make a balanced budget, but at that time we won’t have development. We take very long, low-cost loans for more than 30 years with a grace period of up to six-eight years and an interest rate at 0.75.

Adylbek Kasymaliev

«A lot of criticism is directed to the Ministry of Finance on the deficit increase. But there are sources to cover the deficit, otherwise such a budget would have never been adopted. The deficit is everywhere in the world, even in developed countries," the head of the Ministry of Finance said.