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- is a set of financial estimates of all departments, government services, government  programs and so on. 2. Monetary review  -



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-
is a set of financial estimates of all departments, government services, government 
programs and so on.
2. Monetary review
 -
represents the relationship between the assets and liabilities of the state The articles 
of the asset of monetary review are the net foreign assets of monetary authorities and credit institutions; internal 
requirements (net requirements for government bodies, requirements for nonfinancial public organizations
requirements for non-financial private organizations and the population, requirements for other financial 
institutions).
Articles of the passive for a monetary review are money, quasi money, deposits, money market instruments, 
capital accounts, other articles (net).
3. The payment balance is a statistical report, where in a systematic form summarized data on foreign 
economic transactions in a given country for a certain period of time. The balance of payments is an important 
indicator and a tool to determine its solvency. On the basis of these important state financial documents, the 
financial programming method allows assessing existing budgetary constraints and substantiating 
macroeconomic policies by analyzing the incomes and expenditures of economic sectors.
In accordance with the definition of the financial program, we formulate the formulation of the problem.
Develop a macroeconomic program that meets the following requirements using financial programming 
tools.
The state budget deficit should not exceed the value –
 
D , as a percentage of GDP.
Balance of the balance of payments should be positive and equal – S , billion Tenge.
Economic growth should be equal to – Y , Billion of Tenge.
Inflation should not exceed – Р, percent per month.
Through the macroeconomic aggregate «economic growth», the foundation of the state's industrial policy 
and the distribution of funds by industry to the state are laid.
The values of D, S, Y, P are determined on the basis of a careful analysis of the system national accounts
the balance of payments, the balance of the national bank of the Republic of Kazakhstan, the system of second-
tier banks and the government.
Most of the major problems of the policy of financial stabilization can be explained and analyzed with the 
help of three equations:
The equation for financing the budget deficit:
𝐷 = ∆𝐶𝐺 + ∆𝐵 + ∆𝐹
where, 
∆𝐶𝐺 
loans granted by the National Bank to the government; 
∆𝐵 
– sale of government bonds; 
∆𝐹

Foreign loans to the government.
The balance equation of the National Bank shows the balance sheet restrictions within which the National 
Bank of the Republic of Kazakhstan operates.
∆𝐶 + ∆𝑅 = ∆𝐻
where, 
∆𝐶
– National Bank loans to the economy; 
∆𝑅
–foreign exchange reserves; 
∆𝐶 + ∆𝑅
– assets of the 
National Bank; 
∆𝐻
–the monetary base, the National Bank's liability.
Inflation equation:


86
𝑃 =
∆𝐻
𝐻
+
∆𝑉
𝑉
Improving the balance of payments implies: reducing the current account deficit, which can be achieved, 
primarily by increasing the surplus of the trade balance and increasing the surplus in the capital account.
The algorithm for implementing financial programming tools, for the formulated statement of the problem, 
consists of the following steps:
The National Bank of the Republic of Kazakhstan (NB) determines the level of inflation and the 
corresponding size of monetary aggregates, among which the most important is M 2, the value of the monetary 
anchor.
The Ministry of Finance (MoF) develops the state budget, determines the sources of financing the budget 
deficit, focusing on the non-inflationary sources of covering the budget deficit.
The Ministry of National Economy (MNE) determines the level of economic growth of the state's GDP and 
the level of necessary financial resources for monetary review articles.
In case of disagreement between the National Bank of the Republic of Kazakhstan, the Ministry of Finance 
of the Republic of Kazakhstan, and the Ministry of Energy of the Republic of Kazakhstan on macroeconomic 
aggregates set by the task to develop a stabilization program, it is necessary:
Keep the inflation rate unchanged;
Eliminate inflationary ways to cover the budget deficit;
Exclude the possibility of issuing money;
Adjust the level of economic growth, which entails adjusting the country's industrial policy.
The establishment of state priorities through financial programming makes it possible to formulate 
directions for using the resources of a national government body and economic entities Comrade. Trajectory 
of the movement from the economic policy of the state to financial resources, to ensure the programmed level 
of economic growth and, accordingly, the guaranteed implementation of industrial and innovation policy is 
presented below.


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