Kazakhstan sets oil price for its 2012-2016 budget

Kazakhstan sets oil price for its 2012-2016 budget

Kazakhstan, Astana, Aug. 27 / Trend A.Maratov /

Kazakhstan forms projections of the budget parameters based on the draft forecast of socio-economic development of the Republic of Kazakhstan for 2012 - 2016, which is one of the fundamental documents of the current state planning system, the Kazakh Economic Development and Trade Ministry reported.

"The forecast of macroeconomic indicators is formed based on the outcome of the first half of 2011 and current situation on the world commodity markets, as well as the adjusted forecasts of international organizations on world prices for major export commodities," Economic Development and Trade Minister Kairat Kelimbetov said.

The forecasted price level for the base scenario is $80 per barrel in 2012 and $70 per barrel in 2013-2016. Given the volatility of world market, the ministry, when forming the forecasts, considered pessimistic scenario stipulating less favorable external conditions compared to the basis scenario, with the world oil price at $60 and $40 per barrel.

Nominal GDP is forecasted at 28.9 trillion tenge in 2012 and 44.7 trillion tenge in 2017.

Kelimbetov said the economic policy for 2012-2014 mainly aimed to ensure balanced economic growth of at least 7 percent annually. The policy to implement this goal covers ensuring macroeconomic stability, creating the basis for sustained economic growth and competitiveness of human capital, reforming housing and communal services and ensuring a sustainable regional development and modernization of public administration.

Speaking about the main areas of the fiscal policy, he said the fiscal policy in the medium term will focus on effective implementation of the state policies and ensuring a balanced economic growth. In general, the tax policy will be aimed at further stimulating the economy's non-oil sector, especially innovation activities of the real sector enterprises.

The budgetary policy will aim at enhancing the economic development, without damaging the macroeconomic stability. Also, the budgetary policy will focus on balancing the budget and the National Fund in order to avoid "eating away" of oil revenues.

However, given the volatility of world prices for raw materials measures were developed to stabilize the economy in case of deterioration of the situation in the global economy, including the appropriate changes and budget parameters.

The main priorities of the budget expenditure policy in 2012-2014 will be a program of industrialization, upgrading social services, improving living conditions, formation of growth points and improving the quality of public services and implementing government functions.

Given the state's role in ensuring the safety of citizens, the implementation of the measures to strengthen the defense, homeland security, law enforcement and preventive measures and emergency response will also be among priorities.

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