Kazakhstan Parliament amended budget 2004 proposed by the government

/REUTERS, Astana, Raushan Nurshayeva, June 4, 04/ - The Parliament of Kazakhstan accepted government amendments to the state budget of 2004 that provides for additional KZT58.4 bn (apprx. $430 million) at the expense of front payments by oil firms and high oil prices. Revenues and expenditures parts were raised to 934.3 bn and 1,027, respectively, while deficit remained unchanged at 92.7 bn or 1.8 pct of GDP. Amendments were accepted as the majority of parliamentarians of either chambers voted in favor of the draft, which is then passed to the President. Additional revenues have mostly arisen from amounts paid by oil firms, major taxpayers, in amount of 46.8 bn ($342 m). Average annual Brent oil price of $27.1 pb was used in calculation of new budget figures instead of earlier pre-agreed $22. The government also clarified its outlook on some macroeconomic indicators: GDP growth is expected at 8.1% (KZT5.083 trillion) vs initial 7.0%, average tenge rate to dollar of KZT138.3 per dollar vs initial KZT153.0 per dollar. Parliamentarians required that spending part be expanded to include additional expenses for social projects (KZT120 bn), however, the government agreed to provide only KZT5.66 bn for that purposes. ($1=KZT136.32) [2004-06-04]