25 June 2012 | 17:46

2013 budget cuts are likely: Massimov

Kazakhstan Senate and Majilis. Photo courtesy of hozu.parlam.kz

Prime-Minister of Kazakhstan Karim Massimov talked about a possible reduction of the 2013 budget, Tengrinews.kz reports. Prime-Minister told the Parliament at the joint meeting of the Majilis (Lower Chamber) and the Senate (Upper Chamber) that Nursultan Nazarbayev, President of Kazakhstan, had instructed to consider "a negative scenario for 2012". "What does it mean? If you look at the stock market data, you will see that oil prices have already reached $89 per a barrel. There are forecasts that the second wave of the crisis is likely in the second half of this year and that oil prices will be quite low. Following the task (set by the President) I gave an instruction to the national budget commission to review the options of the economic development for the case of oil prices dropping to $50 per barrel in the second half of this year. This is not a fantastic scenario, it is quite a possible one," Karim Massimov said. "Should the negative option take place, we will apply to the Parliament deputies, to the President and will come back to you in September for your support in reviewing the 2013 budget. But this time we won't be asking to increase it, the way we did during the previous years, but to axe it," he added. By Renat Tashkinbayev

Prime-Minister of Kazakhstan Karim Massimov talked about a possible reduction of the 2013 budget, Tengrinews.kz reports. Prime-Minister told the Parliament at the joint meeting of the Majilis (Lower Chamber) and the Senate (Upper Chamber) that Nursultan Nazarbayev, President of Kazakhstan, had instructed to consider "a negative scenario for 2012". "What does it mean? If you look at the stock market data, you will see that oil prices have already reached $89 per a barrel. There are forecasts that the second wave of the crisis is likely in the second half of this year and that oil prices will be quite low. Following the task (set by the President) I gave an instruction to the national budget commission to review the options of the economic development for the case of oil prices dropping to $50 per barrel in the second half of this year. This is not a fantastic scenario, it is quite a possible one," Karim Massimov said. "Should the negative option take place, we will apply to the Parliament deputies, to the President and will come back to you in September for your support in reviewing the 2013 budget. But this time we won't be asking to increase it, the way we did during the previous years, but to axe it," he added. By Renat Tashkinbayev

Nursultan Nazarbayev crisis economy Karim Masimov Karim Massimov Kazakh Kazakhstan Masimov Massimov Nazarbayev news budget