OREANDA-NEWS. March 10, 2010. Estimated budget revenues make up KZT 3378.4 billion, with expenditures standing at KZT 4182 billion.

Kazakhstan’s Government approved of the adjusted 2010 state budget unveiled today by Economy Minister Bakhyt Sultanov.

According to him, estimated budget revenues make up KZT 3378.4 billion, with expenditures standing at KZT 4182 billion.

The Minister elaborated that KZT 53.8 billion is earmarked to boost salaries for public sector employees and state-run student allowances by 25% starting from April 1; KZT 143.8 billion is allocated to finance the Program of accelerated industrial development; KZT 16 billion is earmarked to sustain internal political stability and develop foreign relations; preparations works (including construction of sports facilities in Almay and Astana) for the Asian Winter Games of 2011 will accommodate KZT 44.4 billion; KZT 11.4 billion is earmarked for measures to facilitate accession into the Customs Union; taking into account a series of negotiations held with international donors, KZT 13.2 billion will be raised through external borrowings to finance water supply systems and development of motor-roads networks; KZT 12.9 billion is planned to be spent on urgent tasks.

Kazakhstan’s Prime Minister Karim Massimov announced that the adjusted budget draft is to be submitted to the Nur Otan ruling party and to the Parliament for consideration.

The Prime Minister instructed Sports Minister Temirkhan Dosmukhanbetov to concentrate on promotion of grassroots sports, adding that expert commentaries on Vancouver Olympic Games reveal that Kazakhstan is lagging behind in terms of grassroots sports development.

Economy Minister Bakhyt Sultanov announced that his Ministry’s 2010 GDP growth forecasts stand at 2%. Industrial production output is expected to grow by 3.3%. Crude production is estimated at 80 million tons. Exports are to reach USD 49.6 billion, with imports making up USD 34.2 billion. Inflation rate is estimated within the range of 6-8%.

The Minister emphasized that the forecast is based on the current trends of global commodities markets. The Ministry had taken into account estimations of international organizations. Thus, IMF raised its forecast for the global economy growth up to 3.9% on the backdrop of some developed economies’ revival. As of the end of 2009, global price for Brent oil averaged USD 61.9 per barrel. The estimated price for 2010 stands at USD 65 per barrel.

The Minister stressed that the 2010 state budget has a strong social component. In the 2007 state budget, social expenses comprised only 30%, while this year’s figure stands at roughly 50%.