Minister: Oil savings in Kazakhstan to be invested in country's economy in 2014-2016

Photo: Minister: Oil savings in Kazakhstan to be invested in country's economy in 2014-2016
 / Kazakhstan

Kazakhstan, Astana, Sept. 10 /Trend D.Mukhtarov/

Investments from oil savings in country's economy will be carried out in Kazakhstan in 2014-2016, Kazakhstan's Minister of Economy and Budget Planning Erbolat Dosayev said on Tuesday.

"Investments of oil savings in country's economy, and in particular to specific infrastructure projects will be carried out in 2014-2016, the result of implementation of which should be the increase of transit carriages and advancement of Kazakh export in the global markets," the Minister said during his speech in the Majlis (lower chamber of parliament) with a presentation on three budget draft laws.

According to the Minister, the earnings in the republican budget for 2014 are envisaged in the volume of 5,773 billion tenges ($1-153.09 tenge), or by 10.4 percent with the increase in comparison with 2013.

Some 4,016.4 billion tenges are forecasted to be revenues (not considering revenues of transfers), which exceeds the level of 2013 by 427.1 billion tenges.

The earnings from revenues are planned to be increased in 2015 and 2016 (excluding transfers) to the level of the previous year to more 555.7 billion tenges and 636.8 billion tenges correspondingly, the Minister said.

"The guaranteed transfer from the National Fund will amount to 1,380 billion tenges per year. Also target transfer worth 150 billion tenges will be attracted from the National Fund in 2014," the Minister said.

According to Dosayev, the expenditures of the republican budget for 2014 are projected at 6,715.4 billion tenges with an increase to the level of 2013 by 10.1 percent, for 2015 - at 7 234.2 billion tenges with an increase to the level of the previous year by 7.7 percent, for 2016 - at 7,887.2 billion tenges with an increase by nine percent.

The forecast of expenditures for 2014-2016 was formed taking into account the reduction of the forecast deficit in a three-year period, which will be: 942.4 billion tenges, or 2.4 percent of GDP in 2014, 977.7 billion tenges, or 2.2 percent of GDP in 2015, 963.5 billion tenges, or 1.9 percent of GDP in 2016.

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Tags: Kazakhstan