Kazakhstan’s economy will contract 0.9% this year on lower oil prices and output, forcing the government to withdraw more money from its National Fund, Kazakh Economy Minister Ruslan Dalenov said.
According to him, the country now plans to produce 86 million tonnes of oil in 2020, down from the previous forecast of 90 million tonnes.
Kazakhstan’s exports, dominated by oil, are set to be $16.3 billion lower than expected, and the outlook for budget revenue has been slashed by 1.672 trillion tenge ($3.7 billion), Reuters cited him as saying.
The government will tap the $60-billion National Fund for 4.77 trillion tenge ($10.6 billion) this year, up from the 2.7 trillion tenge it had planned.
Kazakhstan to produce 4 mln tonnes less oil in 2020 due to lower oil prices
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