Government generally approves draft national budget 2006

The government of Kazakhstan has generally approved the draft national budget 2006. This decision has been passed today, August 23, at a cabinet meeting, KZ-today correspondent reports from Astana.

As per the Budget Code, the draft law "On national budget 2006" will be submitted to the parliament before September 1, 2005.

The national budget deficit is forecasted at 1.4% of GDP or 113.8 billion KZT in 2006. The overall state revenue is forecasted at 1 trillion 469.4 billion KZT, or 18.2% of the GDP. It will consist mainly of the tax income, expected to rise by 189.8 billion KZT and reach 1 trillion 280.4 billion KZT. The non-tax income is expected at 37.7 billion tenge. The budget expenditures are expected at 1 trillion 583.2 billion KZT or 19.6% of GDP in 2006.

According to the Ministry of Economy, in 2006 the real GDP growth will be at 8.3% reaching 8 trillion 65 billion KZT. The Consumer Price Index is expected at 5-7% in 2006. 127 KZT is expected to be the average annual tenge rate against USD. The world oil price is forecasted at 47 USD per barrel, the export price will be 35.3 USD per barrel.