Kazakhstan Majilis approved 2012-2014 budget

Deputies of Kazakhstan Majilis (lower chamber of Parliament) voted for 2012-2014 draft budget, Tengrinews.kz reports. According to Finance and Budget Commission of the Majilis, the macroeconomic forecast for the budget has been made with due of forecasted global economic trends, situation in the world markets, as well as development of leading sectors of Kazakhstan's economy in January-July 2011. The budget breaks even at the oil price of $80 per barrel in 2012 and $70 per barrel in 2013-2014. The deputies made over 136 suggestions to increase the expenditure part of the budget by over 311 billion tenge ($2.1 billion). According to Finance Minister, the budget revenues are expeceted to amount to 4.7 billion tenge ($32 billion) in 2012, 5.03 billion tenge ($34.2 billion) in 2013 and 5.42 billion tenge ($36.9 billion) in 2014. Expenditures should make 5.51 billion tenge ($37.5 billion) in 2012, 5.5 billion tenge ($37.5 billion) in 2013 and 5.9 billion tenge ($40 billion) in 2014.