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Kazakhstan has no plans to revisit its budget: National Economy Minister 18 декабря 2014, 13:57

No, we will not be holding any consultations with Russia. Kazakhstan has been pursuing its own monetary policy, he said among other things.
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Tengrinews.kz stock photo © Tengrinews.kz stock photo ©

Kazakhstan’s Government has no plans to revisit the country’s budget, a Tengrinews.kz journalist reports, citing Yerbolat Dossayev, National Economy Minister.

“We’ve been closely watching what has been going on in the world. At this stage we have no intention of revisiting the budget figures. The average annual price for oil is $80 per barrel. Next year the key price will depend on the global economy dynamics”, the Minister said following a plenary sitting in the country’s Majilis (lower chamber).

The Minister also answered a question whether the country’s Government would be holding consultations with the Russian Government on the current situation in Russia. “No, we will not be holding any consultations. Kazakhstan has been pursuing its own monetary policy”, he said.

Recently, the country’s President Nursultan Nazarbayev stated that Kazakhstan would slash its budget expenses during the crisis.
“We’ll be experiencing hardships alongside with the rest of the world. We are part of the global economy. Every Kazakhstani should accept that. Therefore, we’ll have to turn to some austerity measures with regards to the already approved budget. But I want to reiterate once again that the social obligations of the Government will not be slashed. I’ve already commissioned the Government to meet all its social obligations to people of Kazakhstan”, he said.

At the solemn meeting on the Independence Day December 16 President Nazarbayev said that “in the tough years we will not be able to further raise pension allowances and public sector salaries; however, it is our duty to keep them at the current level. The crisis and all the related hardships will be gone and then we will get back to the policy we have been pursuing. And we will catch up with the growth dynamics Kazakhstan has been enjoying”.

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