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Kazakhstan Government approved updated 3-year budget

14 september 2011, 10:50
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Photo courtesy of pm.kz
Photo courtesy of pm.kz
Kazakhstan Government approved changes to the 3-year budget, Tengrinews.kz reports. September 13 Kazakhstan Ministers approved draft law on updated national budget for 2011-2013. According to Finance Ministry, expenses in the updated budget will make 5,2 trillion tenge ($35.4 billion).

According to Bolat Zhamishev, expenses were increasad by 217.9 billion tenge ($1.5 billion). The increase included addition 40.8 billion tenge ($280 million) for the social sphere focused on financing guaranteed volume of free medical aid and enhancement of material and technical base of healthcare facilities. Expenses on social payments was also increased: government guarantee obligations and safety of pension contributions and savings obligations. According to the Finance Minister, this is related to the increase of number of pension funds’ clients.

“7.9 billion tenge ($54 million) are allocated to contract out social services to private preschool institutions is relation to changes in the deadline for commission of expanded and newly constructed public kindergartens under Balapan program. 15 billion tenge ($103 million) are planned for development of Nazarbayev University and support of its activities. 38.8 billion tenge ($266 million) will be spent on development of agriculture. Another 5 billion tenge ($34 million) are set aside to help Kazakhstan grain reach the world markets. This money will be used to lower the cost of grain transportation through the territory of Russia. 1.7 billion tenge ($11.6 million) are set aside to move grain from northern regions to other areas of Kazakhstan,” Bolat Zhamishev said.

According to the Finance Minister, 39.1 billion tenge ($268 billion) are allocated for development of housing and utilities infrastructure and construction. 8.3 billion tenge ($57 million) will be used to solve problems of equity construction projects participants and 8.2 billion tenge ($56 million) will be spent on development of engineering-communication infrastructure.

The budget’s additional revenues were discussed at the Government meeting on September 13.

In the beginning of the year Kazakhstan Prime-Minister talked about the possibililty of the financial crisis in Kazakhstan in the end of 2011 - beginning of 2012.

“Unfortunately, the situation that is taking shape now does not indicate much positive developments, because the meetings of G-20 Finance Ministers and the decisions made in the U.S. and European Union do not inspire much optimism yet. That is why we have to be ready face the problems of the global financial crisis coming round in the end of 2011 or in 2012,” Karim Massimov said during the plenary meeting of the Majilis (lower chamber of Parliament) on February 23, 2011.

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