Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 14 Dec 2023 by Evgeny Gavrilenkov
Nov 29 KazTransOil: The national pipeline company estimated that in November, oil exports to Germany were on track to grow by 54% compared to the initial plan and reach 150K tons KazTransOil: In 2024, the national pipeline company intends to triple the transit of Russian oil to Uzbekistan (to 500K tons) Nov 30 Budget: The Parliament of Kazakhstan approved the law "On the Republican Budget for 2024-2026." The final touch of the plan assumes the 2024 expenditures to exceed KZT23.9 trln. In 2025, spending will be over KZT23.8 trln, and in 2026 - KZT25.1 trln. The deficit of the republican budget in 2024 will reach 2.6% GDP CPC: The company resumed oil shipments from the two (out of three) terminals after they were suspended due to weather conditions Ministry of Energy: In line with agreements with some OPEC+ member countries, Kazakhstan will voluntarily cut its oil extraction by an additional 82 bpd in 1Q24. Dec 1 Bureau of National Statistics: Inflation in Kazakhstan in November was 1% m-o-m and 10.3% y-o-y. The government: The Kazakh authorities want to privatize Qazaq Air in 2024. KMG: Samruk-Kazyna sold an 8.5% stake in KazMunaiGas to the Ministry of Finance for KZT550 bn. Dec 5 The Asian Development Bank: The Bank has approved a $350 mln loan to Kazakhstan to support fiscal management and financial sector reforms and strengthen the country's economic resilience to external shocks. Ministry of Transport: In 9M23, the cargo transit of goods from China through Kazakhstan by road doubled and reached 1.5 mln tons. Dec 6 The government: Kazakhstan has approved a comprehensive plan for the development of major oil-and-gas and petrochemical projects for 2023-2027, assuming i...

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