ASTANA, Kazakhstan, April 9. Serik Zhumangarin, Deputy Prime Minister and Minister of National Economy of Kazakhstan, at a briefing in the Majilis (lower house of Kazakhstan's parliament) announced the government's three scenarios in case of oil price decline, Trend reports.
"We have three scenarios. Right now, we are close to the pessimistic scenario with oil prices at $60 per barrel. We are clear on which budget expenditures we will reduce and which ones we will maintain under any circumstances," said the Deputy Prime Minister.
He also mentioned that the government has begun calculating scenarios for oil prices at $55 and $50 per barrel, with further price declines expected.
Zhumangarin emphasized that during a crisis, it is crucial to build infrastructure and create jobs.
"But remember, during such times, the National Fund plays a key role. It is specifically for situations like this, when a crisis hits the market. We used it for other purposes in recent years, and we received fair criticism for that. That’s why the first reading of the Tax Code took place - it is a response to that criticism. Our goal is to stabilize government finances and reduce withdrawals from the National Fund, particularly targeted transfers," he added.
Earlier, it was reported that oil prices continue to decline,
approaching the worst weekly figures in recent months. Market
pressure has increased after US President Donald Trump's statement
about the imposition of new import tariffs, as well as OPEC+'s
decision to accelerate the pace of increasing production.