Kazakhstan forecasts budget revenues increase by $3.28 billion in 2012

Business Materials 21 February 2012 17:58 (UTC +04:00)

Azerbaijan, Baku, Feb. 21 / Trend E. Kosolapova/

Kazakh state budget income is forecasted at 5.237 trillion tenge ($35.36 billion) in 2012, Kazakh Finance Minister Bolat Zhamishev said by presenting a Law on introduction of amendments and supplements to the State Budget for 2012-2014 in Kazakh Majilis (Parliament's lower chamber) on Tuesday, Novosti-Kazakhstan reported.

Thus, Kazakh budget income is forecasted to increase by 485.9 billion tenge ($3.28 billion) compared to the earlier approved budget for 2012.

Zhamishev said that the changes to the budget were made due to the changed macroeconomic indicators forecasts for 2012-2016 and changed oil prices forecast.

Moreover, $300 billion will flow into the budget due to the acquisition of a 10 percent stake in the Karachaganak Petroleum Operating company realized in 2011. However, budget expenditure will also increase due to the acquisition of this share.

The Kazakh government and Consortium Karachaganak Petroleum Operating BV, exploiting Karachaganak oil and gas field, signed an agreement in December, 2011 to transfer a 10-percent share in the project to Kazakhstan. The agreement will come into force until the middle of 2012.