Politics and Macroeconomics

Politics and Macroeconomics
Politics and Macroeconomics

Kazakhstan to Boost Exports of New Harvest Grain to 3.5 Million Tonnes Kazakhstan could export up to 3.5 million tonnes of this year’s new harvest grain, a spokesman for the agriculture ministry said. Taking into account the expected demand, 2001 harvest grain exports http://www.wachiturras.com/ may be 2.5 million tonnes to the Commonwealth of Independent States and, taking into account countries outside the CIS, they may be up to 3.5 million tonnes,” he said.

Kazakhstan exported about three million tonnes of grain last year, but with this year’s bumper 18.3 million tonne bunker weight wheat harvest (compared to 12.9 million tonnes last year), that number seems inevitably poised to rise. Kazakhstan has a surplus of 9.5 million xvideos.com tonnes of grain this year, but the country has had difficulties exporting some six million of it, the spokesman said, declining to cite reasons. (Reuters)

Government Does Not Foresee Cut in Oil Production The Kazakhstani government does not plan on instructing national oil company Kazakhoil to curb crude production, despite the decline in world oil prices and the Organization of Petroleum Exporting Countries’ (OPEC) advocacy of cuts in production, Deputy Prime Minister Oraz Jandosov stated on xnxx.com November 12. “The Kazakhstani government is not even considering the issue,” Jandosov said.

Jandosov pointed out that the government can only answer for the 6.5 million tonnes produced by Kazakhoil, not the remaining roughly 34 million tonnes produced by privately owned companies operating in Kazakhstan. “The rest will be produced by oil companies with foreign participation for which the Kazakhstani government is not responsible,” Jandosov said. (Interfax)

Low Oil Prices Could Prompt Government to Draw on National Fund in 2002 Kazakhstan could draw on money from its USD 1.2 billion National Fund, which re-invests revenues earned from the country’s oil and gas industry projects, if oil prices remain below redtube.com USD 19 a barrel for an extended period next year, Deputy Prime Minister Oraz Jandosov revealed. Jandosov said that low oil prices would mean that the government would “transfer money to the budget” from the National Fund’s stabilization funds.

Low oil prices would also compel the government to slash some of the KZT 90-100 million in planned budget-funded investment projects, Jandosov said. The deputy premier also said social spending would not be affected. (Interfax) National Bank Targets 2001 Inflation Rate of 6.2%

The main priority of the Kazakhstani National Bank in the coming months will be to hold the country’s annual rise in inflation below 6.2% and to keep the budget deficit below 2.3% of Gross Domestic Product, Deputy Minister of Economy and Trade Galym Orazbekov stated at a government meeting on November 8. At the same time, the ministry of economy and trade is focusing on stimulating consumer spending.

“The government has budgeted KZT 100-120 billion to increase wages for employees at state-owned companies as well as pensions and allowances in the 2002 budget in order to encourage consumption,” Orazbekov stated. In addition, the government’s 2002 budget proposal includes a 20% increase in investment to complete buildings already under construction.

The ministry of economy will also work to promote the import-substitution program, with a target of USD 450-500 million in import-substituted goods for the year. In this connection, the ministry hopes to introduce a general quality control system to ensure the competitiveness of Kazakhstani goods and services. (Interfax) Kazakhstan’s Foreign Reserves Climb to 3.8 Billion

Kazakhstan’s total foreign reserves, which includes gold and foreign currency reserves as well as the National Fund, rose by 4.5% during the month of October to total USD 3.8 billion, National Bank Deputy Chairman Bisengaly Tajiyakov disclosed at a Majilis plenary session. Kazakhstan’s net gold and foreign currency reserves rose by 6% in the month of October to total USD 2.6 billion. Kazakhstan’s foreign currency reserves rose by USD 167 million as the finance ministry bought currency on the international market. Gold assets dropped by USD 20.2 million due to a 3.4% drop in world gold prices during the month.

The country’s monetary base shot up during the past month by KZT 3.8 billion to KZT 154.2 billion. Tajiyakov also noted that since the beginning of the year, the share of 12-month securities’ share in the country’s overall treasury liabilities accounted for 97.6%; last year the share of 12-month securities in overall liabilities didn’t exceed 86.5%. (Golden Eagle Partners)

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