National companies could fund major projects in Kazakhstan

Finance Minister Bolat Zhamishev. Photo by Danial Okassov©

National companies may overtake financing of major projects in Kazakhstan, Tengrinews.kz reports citing Kazakhstan Finance Minister Bolat Zhamishev. Finance Ministry is looking for ways to optimize budget expenses, according to Nursutan Nazarbayev’s instructions on January 27. “I think that the expenses related to implementation of major projects are still expenses that have to be financed by development institutions and national holdings. They have the capacities and the issue is being discussed. Besides, it is understandable that additional expenses will be required for those projects that can be allocated from the budget only, e.g. construction of roads. The West Europe-West China project is financed from the budget, but we need to find ways to shorten the construction period,” Bolat Zhamishev said after the meeting of the Finance Ministry on January 30. “Correction of the budget is not an easy task. Considering that the year has just started and it is quite hard to foresee macroeconomic developments and the budget performance indexes. The task to decrease budget deficiency in the 3-year budget to 1.3 percent of GDP has not been dropped, as this is the issue of security of national finances. Maintaining of the low debt level is also one of the key priorities,” Finance Minister told the journalists.

National companies may overtake financing of major projects in Kazakhstan, Tengrinews.kz reports citing Kazakhstan Finance Minister Bolat Zhamishev. Finance Ministry is looking for ways to optimize budget expenses, according to Nursutan Nazarbayev’s instructions on January 27. “I think that the expenses related to implementation of major projects are still expenses that have to be financed by development institutions and national holdings. They have the capacities and the issue is being discussed. Besides, it is understandable that additional expenses will be required for those projects that can be allocated from the budget only, e.g. construction of roads. The West Europe-West China project is financed from the budget, but we need to find ways to shorten the construction period,” Bolat Zhamishev said after the meeting of the Finance Ministry on January 30. “Correction of the budget is not an easy task. Considering that the year has just started and it is quite hard to foresee macroeconomic developments and the budget performance indexes. The task to decrease budget deficiency in the 3-year budget to 1.3 percent of GDP has not been dropped, as this is the issue of security of national finances. Maintaining of the low debt level is also one of the key priorities,” Finance Minister told the journalists.

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