JOINT ORDERS OF THE DEPUTY PRIME MINISTER – THE MINISTER OF NATIONAL ECONOMY OF THE REPUBLIC OF KAZAKHSTAN, I.O. 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 October 30, 2025 No. 113, on October 31, 2025 No. 656, on December 3, 2025 No. 82, on November 27, 2025 No. 76

About modification and amendments in joint orders of the Acting Minister of national economy of the Republic of Kazakhstan of June 27, 2025 No. 61, the Minister of Finance of the Republic of Kazakhstan of June 30, 2025 No. 330, resolutions of Board of National Bank of the Republic of Kazakhstan of July 25, 2025 No. 41, Boards of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of August 12, 2025 No. 31 "About approval of Rules of forming of the analytical report about budget risks"

1. Bring in joint orders of the Acting Minister of national economy of the Republic of Kazakhstan of June 27, 2025 No. 61, of the Minister of Finance of the Republic of Kazakhstan of June 30, 2025 No. 330 and the resolution of Board of National Bank of the Republic of Kazakhstan of July 25, 2025 No. 41, of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of August 12, 2025 No. 31 "About approval of Rules of forming of the analytical report about budget risks" the following changes and amendments:

in Rules of forming of the analytical report about the budget risks (further – Rules) approved by the specified joint orders and resolutions:

state Item 3 in the following edition:

"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), "turnkey" constructions and other specific risks, and is applied to assessment of impact of budget risks on budget parameters.";

state Item 6 in the following edition:

"6. The basic concepts used in these rules:

1) the central authorized body on 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 budget policy, including in the field of development of 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) 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 different 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 budget line items of Kazakhstan for the last 15 years;

8) the construction project "turnkey" – set of the consecutive actions directed to creation and (or) development of assets, including creation new, expansion and (or) updating of the acting productions on the basis of the agreements on "turnkey" construction.";

state Item 10 in the following edition:

"10. The analytical report consists of the following Sections and subsections:

Macroeconomic scenarios include 1):

development at least 6 macroeconomic scenarios the forthcoming 5 (five) years with their description, macroeconomic risks for economy with the analysis of discrepancies with the basic scenario;

calculation of the main economic variables on the basis of developed scenarios: calculation of effect on key macroeconomic variables, including index of physical amount of GDP, export and import;

2) effect of macroeconomic scenarios on the income and expenses of the republican budget;

description of mechanisms of transfer of impact;

effect of macroeconomic scenarios on the income;

effect of macroeconomic scenarios on expenses;

calculation of effect of implementation of macroeconomic scenarios on parameters of public finances.

The analysis of obligations and risks of the quasi-public sector includes 3):

the retrospective analysis of subjects of the quasi-public sector, including regarding the activities subsidized by the state, to capitalization, crediting, dividends, tax assignments, preferences, profitability, privatization, debt securities at the expense of means of National fund, Single accumulation pension fund and other sources;

the analysis of relations of the quasi-public sector with the republican budget, and also between subjects of the quasi-public sector;

analysis of obligations of the Government to subjects of the quasi-public sector, analysis of cumulative financial position of the quasi-public sector, last financial results, key indicators of financial risk, analysis of transactions with the state and quasifiscal activities;

the description of budget risks in the quasi-public sector, and also exposure to its economic shocks using calculation models according to the international practice;

analysis and forecast of debt of the quasi-public sector.

The analysis of obligations and risks in the financial sector includes 4):

the retrospective analysis of the financial sector regarding impact of world crises on indicators of subjects of the financial sector;

analysis of all explicit obligations of the government to the financial sector, size of the financial sector

the analysis of the state support for the purpose of ensuring stability of the financial sector taking into account the independent audited reporting;

the description of budget risks from the financial sector connected with government assistance in the period of difficult situations of financial institutions;

the analysis and risks assessment in the financial sector. Assessment of reliability of financial system on the basis of the analysis of financial stability;

the description of the budget risks connected with banks. The description of the risks connected with system of guaranteeing bank deposits (explicit risk) with ensuring liquidity in the period of difficult situations of financial institutions (implicit risk);

the description of the risks connected with non-execution of the problem credits of obligations by Fund for improvement of credit portfolios of banks of the second level in connection with impossibility of realization of dormant assets and according to additional expenses of the Government on financial support of banks including disclosure of information on the problem credits, about the size of overdue loans of banks, the outstanding amounts, history of restructuring of the credit;

the description of the risks connected with additional expenses of the Government on financial support (rescuing) in case of easing of balances of banks.

5) the analysis and assessment of obligations and risks in the field of PPP, include "turnkey" constructions:

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