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Kazakhstan’s Senate approves of the 2012-2014 draft budget

09 november 2012, 09:42
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Kazakhstan’s Senate. ©Vladimir Dmitriyev
Kazakhstan’s Senate. ©Vladimir Dmitriyev
Kazakhstan’s Senate has approved of the 2012-2014 draft budget, a Tengrinews.kz journalist reports.

Amendments into the 2012-2014 draft budget are mostly adjustments into the 2012 budget deemed necessary due to changing estimated 2012-2016 macroeconomic indicators and adjusted forecasts with regards to expected decrease in revenues.

The estimated real GDP in 2012 stands at 5.4%, 0.6% down as compared to earlier estimates. The draft budget envisages decreasing revenues, reduced spending and widening deficit. No urgent Government’s obligations will see spending cuts.

Estimated budget revenues in 2012 stand at $32.3 billion, with estimated expenses standing at $38.9 billion, $1.1 billion down as compared to earlier budget. The estimated deficit has grown up to $6.5 billion.

The 2013-2015 draft budget envisages spendings growing from $41 billion to $47 billion in 2015. One of the Government’s priorities will be to sustain stable economic growth through large-scaled modernization and economy diversification efforts, enhanced business climate and stiffer competition.

The Senate has decided to return the 2013-2015 draft budget to the majilis (lower chamber) for further improvements.

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