23 March 2014 | 12:34

Kazakhstan Government increases reserve fund by $250 million after tenge devaluation

Minister of Economy and Budget Planning Erbolat Dosayev. Photo a courtesy of tengrinews.kz

Amid adjustments of microeconomic indicators for the year 2014 the Kazakhstan Government has revised its budget, Tengrinews reports. “We advise to increase the government reserve by $250 million to ensure timely response to emergency situations arising from fluctuations of the economy,” the Minister of Economy and Budget Planning Yerbolat Dosayev suggested at the meeting of the Cabinet. To compensate the losses connected with the recent devaluation of tenge by nearly 20%, the government increased the projected state expenditures by $221 million. The projects that require immediate financing will be compensated the exchange rate difference. If required, similar measures will be taken into consideration for other projects in the budgeting for 2015-2017. Minister Dosayev added that the anticipated export would equal to $86.3 billion and import to $52.3 billion. The iInflation rate is to remain at the anticipated 6-8 percent. “Due to the increase of the exchange rate to 185 tenge per one dollar, the transfer from the National Fund approved for 2014 will amount to 8.1 billion (instead of $7.5 billion approved for 50 tenge per one dollar currency rate). The inflow in the state budget is expected to make $34 million in 2014. The budget income (without transfers) with the $1.8 billion increase is expected at $23 billion,” Dosayev reported at the meeting. By Assemgul Khassenova

Amid adjustments of microeconomic indicators for the year 2014 the Kazakhstan Government has revised its budget, Tengrinews reports. “We advise to increase the government reserve by $250 million to ensure timely response to emergency situations arising from fluctuations of the economy,” the Minister of Economy and Budget Planning Yerbolat Dosayev suggested at the meeting of the Cabinet. To compensate the losses connected with the recent devaluation of tenge by nearly 20%, the government increased the projected state expenditures by $221 million. The projects that require immediate financing will be compensated the exchange rate difference. If required, similar measures will be taken into consideration for other projects in the budgeting for 2015-2017. Minister Dosayev added that the anticipated export would equal to $86.3 billion and import to $52.3 billion. The iInflation rate is to remain at the anticipated 6-8 percent. “Due to the increase of the exchange rate to 185 tenge per one dollar, the transfer from the National Fund approved for 2014 will amount to 8.1 billion (instead of $7.5 billion approved for 50 tenge per one dollar currency rate). The inflow in the state budget is expected to make $34 million in 2014. The budget income (without transfers) with the $1.8 billion increase is expected at $23 billion,” Dosayev reported at the meeting. By Assemgul Khassenova

Tenge economy export import Kazakh Kazakhstan Minister National Bank National Fund news reserves budget