OREANDA-NEWS. September 17, 2009. In the Majilis (lower chamber of the national Parliament) Kazakhstan’s Economy Minister Bakhyt Sultanov unveiled a draft 2010-2012 national budget, reported the Official website government.kz.

The global economy is showing first signs of exiting the recession. Since the Q2, anti-crisis measures and more upbeat global prices have hampered shrinking of the Kazakhstan’s economy. The draft budget is based on a benchmark price of USD 50 per Brent oil barrel in 2010 and of USD 60 per barrel in 2011-2012.

Real GDP growth rates are to increase from 2.4% in 2010 to 3.9% in 2014.

Inflation rate is expected to go down from 7.5-8.0% in 2010 to 7% in 2014.

State budget revenues in 2010 are expected to reach KZT 3189.6 billion, with net revenues (without transfers from local budgets and the National Oil Fund [accumulating windfall oil revenues]) standing at KZT 1734.5 billion.

Estimated revenues of the National Oil Fund in 2010 will make up KZT 1371 billion (7.9% of the GDP). Legislated transfer from the National Oil Fund to the national budget will make up KZT 1 trillion a year.

Budget expenses in 2010 are estimated at KZT 3910.6 billion, 17.9% up on the current year.

Budget deficit is estimated at 4.1% of the GDP in 2010, 3.8% of the GDP in 2011 and 3.5% of the GDP in 2012.

The draft budget envisages annual growth of expenditures to finance social projects that will account for 40% of the entire spending.

KZT 100 billion is to be allocated in 2010 to implement the state-run program to boost employment in country regions.

For the three years, KZT 661.8 billion is to be allocated to finance healthcare programs.

Around KZT 620 billion is to be allocated to finance the national agriculture, including for ensuring veterinary safety.

KZT 4063 million is to be allocated in the form of settlement allowances and loans (at zero rates) to purchase housing for specialists ready to settle in rural areas.

KZT 80000 million is earmarked to finance sowing and harvesting campaigns.

The state has changed schemes to finance long-term capital-intensive projects implemented and designed within the State Program of Accelerated Industrial Development for 2010-2014. To this end, plans are there to raise funds through issuing bonds through Samruk-Kazyna and KazAgro.

The budget has been drafted in line with the President’s instructions to economize given the on-going crisis developments.