Kazakhs Approve 2011 Budget With 2.8% Deficit, Interfax Reports

Oct 27. Bloomberg

By Nariman Gizitdinov

Kazakhs Approve 2011 Budget With 2.8% Deficit, Interfax ReportsKazakhstan’s lower house of parliament, the Majilis, approved a 2011 budget with a deficit equivalent to 2.8 percent of gross domestic product, Interfax reported.

The government plans to spend 4.6 trillion tenge ($31.5 billion) next year while taking in 4 trillion tenge, the Moscow- based news service reported today, citing Finance Minister Bolat Zhamishev.

Kazakhstan plans 2012 budget revenue of 4.4 trillion tenge and spending of 4.9 trillion tenge, while in 2013 planned revenue rises to 4.8 trillion tenge against spending of 5.2 trillion tenge, Interfax said, citing Zhamishev.

The government’s three-year budget is based on an oil price of $65 a barrel. Kazakhstan holds 3 percent of the world’s crude reserves according to BP Plc.

The budget must now be approved by the Senate, Interfax said.