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In Kazakhstan, 45% of Revenue Part of Budget Depends on Oil Prices

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In Kazakhstan, 45% of the revenue part of the budget depends on oil prices. This was announced by Prime Minister of Kazakhstan Bakytzhan Sagintayev at the plenary session of the Majilis.

ministr_kzMajilismen are considering a draft law “On republican budget for 2017-2019 years”, reports MIA Kazinform.

“An hour before the start of work on the draft budget, the price of oil was $ 46 per barrel, now it has become $ 44. That is, the price of oil depends on the geopolitical situation. Today we discussed the three-year budget that mainly depends on the funds that come from the oil sector. Therefore, no matter how we planned the draft budget, it all depends on oil and the dollar. However, we have been instructed by the Head of State – despite the situation, the social obligations must be met in full,” Sagintayev said, answering questions from MPs.

As the Minister of National Economy Kuandik Bishimbayev reported at the meeting, the forecast of socio-economic development until 2021 provides for the oil price of $ 35 per barrel in 2017 with an increase to $ 45 by 2021, and the republican budget for 2017-2019 years is formed with this forecast figure.

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