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450 billion tenge of additional revenues to Kazakhstan budget this year

14 september 2011, 11:28
0
Photo courtesy of newskaz.ru
Photo courtesy of newskaz.ru
Kazakhstan budget will receive additional 450 billion tenge ($3 billion), Tengrinews.kz reports citing Kazakhstan Minister of Economic Development and Trade Kairat Kelimbetov as saying at the Parliament meeting on September 13.

“Considering the updated economic development figures, additional budget revenues are expeected in the amount of 270.2 billion tenge ($1.9 billion) to the central budget and 183.1 billion tenge ($1.3 billion) to the state budgets nationwide. The updated forecast is based on the 2010 GDP exceeding the forecasts and some of the economy's sectors developing more dynamically than expected. Prices for energy resources, agricultural products and metals in the world markets also exceeded the expectations and called for revision of forecasts,” Kairat Kelimbetov said.

The Minister of Economic Development and Trade noted that the world prices of Brent oil in January-August this year made $111.6 per barrel and the forecast for 2011 was increased from $65 to $90. According to Kairat Kelimbetov, this level envisages the risks of a possible drop in prices by the end of this year.

According to the official data, economic growth in 2011 is estimated to make 7 percent. This is higher than the February forecast that equaled to 5 percent. According to the Minister, output of industrial products will grow 6 percent, which will exceed the initially forecasted level by 1.2 percent. The increase in production will be promoted by the forecasted 3.6 percent growth in mining and 9.7 percent surge in manufacturing industry.

Kazakhstan’s export will make $76.3 billion this year, which is $17.2 billion higher than the initial forecasts. Import will make $38.4 billion. Guaranteed transfer will be kept at the previously forecasted level, the Minister noted.

“Industrialization program, modernization of social sphere, improvement of life conditions, creation of growth points, improvement of quality of public services and implementation of state functions will be the main priorities of the updated national budget for 2011,” Kairat Kelimbetov said. In the end of his speech he noted that expenses on enhancement of Kazakhstan's defense capacity, law enforcement, prevention and elimination of emergency situations were updated as well.

During a joint meeting of Kazakhstan Parliament on June 20, 2011 Karim Massimov raised the issue of savings for a rainy day.

“The goal of our government is to neutralize all the possible problems that can emanate from the global economy to provide maximum protection of our population from these problems. And when the economy will start booming again we should save up the excess for the rainy day so that we have funds to use if need arises at some point or another,” Prime-Minister of Kazakhstan said.

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