Kazakhstan prepares contingency budget plans amid oil price volatilityKazakhstan’s government is drafting measures to optimize its national budget in case global oil prices fall to $55–50 a barrel, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin announced on Tuesday.“We have three scenarios. In the current forecast, the oil price is $75, the dollar exchange rate is 470 tenge per $1. There is a contingency plan for an oil price of $60 per barrel, and we have almost completed scenarios for oil prices of $55 and $50,” Zhumangarin said during a briefing at the Majilis.He noted that the cabinet has a clear understanding of “which budget expenditures will be reduced.”The government recently approved a three-year socio-economic development plan for 2025–2027, outlining three scenarios based on shifting external conditions. The baseline scenario assumes oil at $75 per barrel.Previously, Kazakhstan’s government had the oil price at $80 per barrel factored into the 2024–2026 budget.According to recent data, Brent crude fell below $59 per barrel on Wednesday amid escalating trade tensions, marking its lowest level since February 2021. (ICE ALMATY)

Fonte notizia: INTERFAX