Reserves of Kazakhstan's National Fund decrease

Finance Materials 2 April 2020 20:19 (UTC +04:00)
Reserves of Kazakhstan's National Fund decrease

BAKU, Azerbaijan, Apr. 2

By Nargiz Sadikhova – Trend:

The latest data show that reserves of Kazakhstan’s National Fund amounted to $57 billion, Kazakhstan’s Deputy Minister of Finance Berik Sholpakunov said, Trend reports with reference to Kazakh media.

He added that National Find’s reserves were $65 billion as of Jan. 1, 2020, which roughly indicates a decrease of 13 percent.

Sholpakunov said that the government’s reserve in revised budget has been increased by 150 billion tenge ($334.4 million).

Earlier today, Kazakhstan’s Minister of National Economy Ruslan Dalenov said that the forecast of the parameters of the republican budget for 2020 has been reconsidered.

Revenues of the republican budget excluding transfers in 2020 are estimated at 6.4 trillion tenge ($14.3 billion), which is 1.6 trillion tenge ($3.7 billion) less than the approved plan.

Dalenov added that the main decline is expected in terms of VAT, ETP for crude oil and revenues for the use of natural resources.

Dalenov also noted that in order to cover the expected shortfalls in budget revenues and to finance the anti-crisis package of measures, the guaranteed transfer from Kazakhstan’s National Fund will be increased by 2 trillion tenge ($4.6 billion) to 4.7 trillion tenge (10.4 trillion) in 2020.

Overall, the republican budget expenditures are projected at 14.2 trillion tenge ($31.8 billion) which is 1.3 trillion tenge ($3.02 billion) more compared to the previously approved amount.

The budget deficit is planned at 3.5 percent of GDP with an increase by 840.7 billion tenge ($1.8 billion). The level of non-oil deficit will be 10.8 percent of GDP.


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