Kazakhstan’s parliament approves budget for 2010-2012

October 21. RIA Novosti. ASTANA

Kazakhstan's parliament approves budget for 2010-2012The lower house of Kazakhstan’s parliament approved on Wednesday a draft budget for 2010-212, with a deficit expected at 4.1% of GDP next year.

The draft budget stipulates a deficit of 3.8% of GDP in 2011 and 3.5% in 2012.

Revenue is expected to rise 16.2%, year-on-year, in 2010 to 3.19 trillion tenge ($21.26 billion) while expenditure will grow 17.9% to 3.91 billion tenge ($26 billion).

In 2011 and 2012, revenue is expected to grow by 334.4 billion tenge (by about $2.2 billion) and 141.5 billion tenge (abut $0.9 billion), respectively, year-on-year.

The National Welfare Fund is expected to receive 1.37 trillion tenge ($9.14 billion) in revenue, or 7.9% of GDP in 2010. Guaranteed transfers from the National Welfare Fund to the state budget will total 1 trillion tenge annually or no more than a third of the fund’s money.

The draft budget for 2010-2012 has been submitted to the upper house of Kazakhstan’s parliament. The bill will come into force after it is approved by the Senate, signed by the head of state and published in official media.