OREANDA-NEWS. The Government meeting under the chairmanship of Prime Minister Serik Akhmetov considered and approved the draft law on refinement of the national budget for 2013 - 2015, and updated the forecast of socio-economic development for 2013-2017.

Minister of Economy and Budget Planning Yerbolat Dossayev reported on the proposed adjustments to the national budget for 2013-2015.

The Minister noted that “the proposals to refine the state budget for 2013 are based on the latest adjustment of the forecast of macroeconomic indicators and updated calculations of expenditures for nine months of the year, as well as the instructions of the President, announced at the Cabinet meeting on October 11 of this year.”

“The main objective of this specification is the rational use of additional revenues expected at the end of the year,” the minister said. He highlighted the major changes in the forecast of social and economic development for the current year.

According to him, “nominal GDP will amount to 34.4 trillion tenge, which is by 153.3 billion tenge more than the level approved in May. Overall, real GDP growth in 2013 is estimated at the planned level of 6 percent. The inflation forecast remains in the corridor of 6-8% at the end of the year.”

According to Dossayev, “the national budget revenues (excluding transfers) in 2013 are estimated at 3.6 trillion tenge, which is by 20 billion more than the approved plan. The size of the guaranteed transfer from the National Fund maintains at the approved level of 1.38 trillion. Due to the increase in oil price forecast revenues from the oil sector to the National Fund will increase by 407.3 billion tenge and amount to 3.4 trillion tenge.”

It is proposed to “reduce the budget deficit by 80 billion tenge (from 870.6 billion to 790.6 billion), or up to 2.3% of GDP, as well as optimize the expenditures of the national budget to 6.03 trillion or by 65.6 billion tenge.”

“In general, reduction in expenditures will amount to 165.8 billion tenge, part of these funds will be spent on the construction of the railway line “Zhezkazgan-Beineu”, increase in the authorized capital of JSC “National Management Holding “Baiterek”, preparations for EXPO 2017 and other projects,” he said.

At the end of the meeting the Prime Minister gave the appropriate instructions.

The draft law will be submitted to the Majilis of the Parliament until November 5 this year.