Azernews.Az

The Kazakh government may adjust the parameters of the country’s budget for 2016-2018 due to falling oil prices, Finance Minister Bakhyt Sultanov told reporters, Novosti-Kazakhstan news agency reported.

Sultanov made the remarks in the lobby of the Lower Chamber of the Kazak Parliament.

“Last year, the president instructed us to consider options at oil prices worth $30-$20,” he said. “We have already worked out such options and developed response measures. Next week we will have a meeting of the council for economic policy headed by prime minister and consider these options.”

He went on to add that a decision to revise the budget may be made at the meeting.

President Nursultan Nazarbayev signed the law "On republican budget-2016-2018" in November 2015.

The oil price in the budget is set at the level of $ 40 per barrel in 2016-2017, while $ 50 per barrel - in 2018-2020. An average annual growth in the world metal prices for the five-year period is projected at 2.4 percent.

The real growth of the Kazakh economy in the budget is projected at 2.1 percent in 2016, 3.6 percent in 2017, 2.9 percent in 2018, 3 percent in 2019 and 3.2 percent in 2020.

The nominal GDP is expected to reach 45.5 trillion tenge in Kazakhstan in 2016 with a further increase to 63.9 trillion tenge till 2020. GDP per capita is projected at $ 8,557 in 2016 with a further increase to $11,470 in 2020.

---

Follow us on Twitter @AzerNewsAz