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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Kazakhstan Government increases reserve fund by $250 mln after tenge devaluation

Posted on 24 March 2014

Amid adjustments of microeconomic indicators for the year 2014 the Kazakhstan Government has revised its budget. “We advise to increase the government reserve by $250 million to ensure timely response to emergency situations arising from fluctuations of the economy,” the Minister of Economy and Budget Planning Yerbolat Dosayev suggested at the meeting of the Cabinet.
To compensate the losses connected with the recent devaluation of tenge by nearly 20%, the government increased the projected state expenditures by $221 million. The projects that require immediate financing will be compensated the exchange rate difference. If required, similar measures will be taken into consideration for other projects in the budgeting for 2015-2017………………………………………..Full Article: Source


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