Problems of the Impact of Financial Instruments on Supporting the Real Sector of the Economy

Abstract

The article presents a comprehensive analysis of the impact of financial instruments on the development and support of the real sector of the economy of the Republic of Kazakhstan.

Purpose of the study – to analyze the impact of financial instruments on supporting the real sector of the economy and to identify the key challenges to its development.

Methods – statistical and analytical methods were used to assess the impact of financial instruments on the development of Kazakhstan’s real sector of the economy during 2020-2025.

Results – it was established that the share of tax revenues in GDP remained within the range of 14,2-15,8% in 2022-2025, while certain budget execution indicators demonstrated pronounced unevenness. During the period under review, December receipts of advance corporate income tax (CIT) payments exceeded the average monthly level of the preceding 11 months by approximately 2,7-4,0 times. At the same time, accounts payable of the state budget increased from KZT 178,5 billion in 2022 to KZT 1025,4 billion in 2025, while budget fund balances reached significant levels during the financial year. The findings indicate the need to coordinate fiscal decisions with monetary conditions and to improve the uniformity of the use of public financial resources. On this basis, proposals were formulated to improve the instruments for supporting the real sector of the economy.

Conclusions – the results of the study confirm the importance of financial instruments for the development and support of the real sector of the country’s economy. The findings may be used to improve the regulatory framework for mechanisms of state support for the economy and to enhance the effectiveness of the economic policy of the Republic of Kazakhstan.