Kazakhstan to spend over 144bln tenge on agro-industrial sector financing – Economy Minister
“We are planning to review the national budget in September 2016 in order to increase our income forecast and attract unutilized funds of year 2015. 144.5 bln tenge will be spent additionally on acceleration of implementation of infrastructure projects under Nurly Zhol program, financing of agro-industrial projects and processing industry which will have a multiplicative effect on economic growth in 2016-2017,” said Bishimbayev.
According to him, the Government plans to improve efficiency of the funds provided under Nurly Zhol program and Additional Anti-Crisis Measures Plan in 2016.
Thus, as K.Bishimbayev noted, 70.3 bln of idle funds allocated for housing construction and 85 bln tenge of available reserves of the Unified Pension Fund (155.3 bln in total) will be spent on working capital financing as well as pre-export and export financing of processing industry through the Baiterek National Management Fund with their repayment in 2017.
Additionally, the Government will spend 91.5 bln tenge of the Governmental Reserve on ensuring growth in those sectors of economy which are experiencing production slowdown.
In the Minister’s opinion, these measures will allow to shift to positive economic growth in June-July 2016, and to 0.5% growth at the end of the year.