Kazakhstan cuts spending in response to falling oil prices

Nov 25, 2008 01:00 AM

Kazakhstan lowered its oil price forecasts in response to slowing global demand for oil, said Prime Minister Karim Masimov as he announced measures to bolster the economy hit by a global financial crisis and falling prices of crude.
"I've ordered the economy ministry to recalculate the 2009-2011 budget setting a price of $ 40 for 2009, and $ 50 for 2010-2011," he said. 2008's price is set at $ 60.

According to Masimov, Kazakhstan must brace itself for a new period of low prices and slowing economic growth.
"Today we have to forget about a period when oil prices were so high," he said. Officials in Kazakhstan say they will scale back spending plans but Masimov emphasized that core spending on social welfare needs would remain at current levels.

Kazakhstan's economy, underwritten by foreign lending, has been battered over the past year as global credit markets froze.
The fall in oil prices has further threatened financial stability in the oil-dependent country, forcing authorities to promise multibillion dollar injections into the economy.

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