Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 12 Dec 2024 by Evgeny Gavrilenkov
Nov 27 President: Kazakhstan remains a reliable strategic partner and ally of Russia. Budget: The Parliament of Kazakhstan approved the law "On the Republican Budget for 2025-2027". The 2025 budget deficit is set at 2.7% of GDP, with a decrease in 2026-2027 to 2.2% and 1.9% of GDP, respectively. The level of the non-oil deficit next year is expected to amount to 7.3% of GDP and decrease to 4% of GDP in 2027. The revenues of the republican budget (excluding transfers) will amount to KZT15.6 trln in 2025, KZT 16.7 trln in 2026, KZT 18.2 trln in 2027, expenses are planned for KZT 25.8 trln (17.1% of GDP), KZT 23.2 trln (13.7% of GDP) and KZT 24.6 trln (12.9% OF GDP). The budget assumes an average oil price of $75 per barrel. Russia: Russian President Mr. Putin visited Kazakhstan on November 27-28. President: Mr. Tokayev promised to monitor personally the development of cooperation with Russia. Oil: Russia, Saudi Arabia, and Kazakhstan discussed the OPEC+ agreement and expressed their intention to compensate for "any previously allowed overproductions" that exceeded quotas. President: Kazakhstan and Russia are working on a contract for long-term supplies of Russian gas to Kazakhstan. Gas supply: Russia will increase supplies and transportation of gas through Kazakhstan to Uzbekistan. Nov 28 NBK: The Bank intervened in the FX market after a sharp decline in the USD/KZT rate. President: Mr. Tokayev met Russian President Mr. Putin, and the two parties discussed a potential sale of Rosneft's stake in the refinery in Germany, an increase in oil pumping through CPC, and transit of gas to the third countries. Nov 29 NBK: The Bank increased the base rate by 100 bps to 15.25%. NBK:...

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