Parliament approved amendment to republican budget of 2008

Astana. October 24. Kazakhstan Today - Today at the plenary session of the Senate of Parliament of Kazakhstan the deputies passed the Law on amendments and additions to the Law of Kazakhstan on Republican Budget for 2008, the agency reports.

As it was informed earlier, the bill on amendments and additions to the Law of Kazakhstan on Republican Budget for 2008 was approved by the government of Kazakhstan last Tuesday, October 21.

"As a whole, parameters of the republican budget have reached 607.5 billion KZT due to the involved target transfer from the National fund ($5 billion) for formation of the authorized capital of the Fund of National Welfare Samruk - Kazyna and as a result will total: income - 3 trillion 337 billion KZT (21 % of GDP), expenditures - 3 trillion 671 billion KZT (23.1 % of GDP), deficit remains at the planned level and will make 334.4 billion KZT (2.1 % of GDP)," the Minister of Economics and Budgetary Planning of Kazakhstan, Bahyt Sultanov said at the government session.

The bill on amendments and additions to the Law of Kazakhstan on Republican Budget for 2008 provides the measures directed at capitalization of Fund of stressful assets. "With this purpose, the Ministry of Economics along with the managers of the republican budgetary programs and the Ministry of Finance carried out audit, as a result of which expenses of the republican budget have been cut down, including taking into account non-used budgetary funds at the sum of 32 billion KZT and reserve of the government for urgent needs at the rate of 20 billion KZT," he explained.

"As a result, 52 billion will be directed for capitalization of Fund of stressful assets to increase its size in 2009 up to $1 billion," B. Sultanov specified.

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