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​Three-year budget of Kazakhstan to base on low energy resource prices: PM

June 19 2015, 15:52

Image 0Prime Minister Karim Massimov at the joint session of the parliament said the low energy resource prices will be in mind while working out the state budget of Kazakhstan for the next three years.

The joint session of the lower and upper houses of Kazakhstan considered and approved on June 17 the report of the Government on the implementation of the state budget for 2014.

Speaking of the need to improve the efficiency of the budget funds, Massimov stressed that "a systemic problem requires systemic solutions." He said that as part of the 100-Steps Plan, the system of public procurement and budget forming will be changed.

He also pointed out that the global economy and the fall of price for energy impact on the implementation of the state budget.

"Last year, we've made some amendments to the budget. We anticipate in the next 3-5 years an era of low energy prices. Therefore, in forming the budget for the next three years, we will definitely take in mind the low prices for major export products, which will require a review of certain programs and budget expenditure," Karim Massimov said.

Prime Minister also answered the MPs' questions regarding the implementation of the program of development of single-industry towns and why it did not work as effective as anticipated.

Responding, the PM said the problem was in ineffective spending of the funds, the majority of which were allocated on the development of housing and infrastructure of the single-industry towns, rather than using them to encourage entrepreneurship.

"The program will be amended," Massimov concluded.

The Prime Minister also told about the current state of the Kashagan project. "According to the agreement on the consortium, the costs associated with the pipeline replacement will not be recovered at the expense of the state. By agreements, the replacement will end by late 2016 and the Kashagan is expected to resume by the end of 2016 or beginning of 2017," said Karim Massimov.

In conclusion, the Prime Minister stressed that all issues raised by the deputies will be considered at meetings of the Government.

Source: az.kz

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