OREANDA-NEWS. October 27, 2014. Expenditures of the state budget of Kazakhstan for 2014-2016 will be reduced by 259.5 billion tenge. This was stated by Finance Minister Bakhyt Sultanov in the Majilis.

"To cover the loss of budget revenues produced a decrease of 259.5 billion tenge, and an increase in the budget deficit to 164.2 billion tenge. Of which 63.1 billion tenge - attracting residues from the previous year," B. Sultanov explained presenting the draft law" On Amendments to the Law "On Republican Budget for 2014-2016."

He explained that the reduction of expenses was mainly carried out by following directions: savings by costs associated with fulfillment of the obligations of the state (government reserve and maintenance of government debt) in the amount of 61.8 billion tenge; actual savings on the basis of public procurement and contingent change of beneficiaries of budget funds in the amount of 68.5 billion tenge; expected under development amounting to 93.5 billion tenge; transfer of implementation of specific activities and projects at a later date to complete initiated and priority ones, based on current economic situation in the country in the amount of 35.8 billion tenge, B.Sultanov cited data.

"Thus, taking into account the changes of the revenue and expenditure sides, parameters of the revised budget for 2014 are identified in the following amounts: income at 6 trillion 107.4 billion tenge, with a decrease of 98.7 billion tenge. Expenditures - 7 trillion 190.3 billion tenge with an increase compared to the revised budget by 65.5 billion tenge," B. Sultanov added.

The budget deficit for 2014, according to preliminary data, will be 1 trillion 082.8 billion tenge, or 2.6% of GDP, he said.

The basis for specification of the national budget, as Ministry of Finance reported, were a change in the forecast of macroeconomic indicators for 2014-2018 and refinement of the budget’s calculations based on actual income for the first nine months of 2014.