Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 14 Nov 2024 by Evgeny Gavrilenkov

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Oct 30 Government: Due to the Tengiz project expansion, Kazakhstan expects to receive $2.8 bln in the budget by the end of 2025. Economy Ministry: The foreign assets of the National Fund of Kazakhstan will amount to $78.7 bln by 2027. Kazakhstan Automobile Union: Production of motor vehicles in Kazakhstan fell by 16% y-o-y in 9M24. Development Bank of Kazakhstan: The Bank has signed an agreement with the Italian state bank Cassa Depositi e Prestiti to receive a credit line of EUR 200 mln. Oct 31 Energy Ministry: Kazakhstan will reduce oil production in 2024 to about 88 mln tons from the previously planned 90.5 mln tons. Energy Ministry: In 2025, Kazakhstan plans to export to Germany 1.2 mln tons of oil. Sanctions: OFAC has added Kazstanex LLP to the sanctions list. President: Kazakhstan intends to achieve annual oil production of 100 mln tons in the future (the Kazakh leader mentioned no time frame – possibly because the country is subject to OPEC+ agreements). Sanctions: Kazakhstan and the US will exchange information on bank compliance. EBRD: In the years to come, the Bank intends to invest EUR 2 bln in Kazakhstani green economy projects. Nov 1 Bureau of National Statistics: In October, inflation in Kazakhstan accelerated to 0.9% m-o-m (8.5% y-o-y) from 0.4% m-o-m in September. Energy Ministry: Kashagan restored full oil production capacity after repairs. Nov 5 KMG: In 9M24, the company increased oil and gas condensate production by 3.1% y-o-y. Ministry of Finance: The Government proposes to increase this year's republican budget deficit from the current KZT 3.535 trln (2.6% of GDP) to KZT3.596 trln (2.7% of GDP) due to lower revenues expected in 2024 as a whole. Nov...