March 10, 2020 / 7:30 AM / a month ago

UPDATE 1-Kazakhstan cuts growth outlook after its main export oil plunges

(Adds borrowing plans)

NUR-SULTAN, March 10 (Reuters) - Kazakhstan will revise its economic growth outlook lower and increase the budget deficit to up to 3.0% of gross domestic product from the previously planned 2.4%, Economy Minister Ruslan Dalenov said on Tuesday.

Dalenov spoke after the former Soviet republic’s government said it would take a host of measures to counter the effects of the crash in the price of oil, Kazakhstan’s main export.

“Our current scenario does not envisage using the National Fund,” he said referring to the Central Asian nation’s rainy-day fund replenished by oil export revenue.

“But in an extreme scenario, of course, we have the option to make a small extra transfer from the National Fund.”

First deputy finance minister Berik Sholpankulov told the same briefing that in addition to the earlier announced $500 million Eurobond targeting Russian investors, the ministry was working on a $500 million bond to be sold through the Astana International Financial Centre.

He said bankers were yet to advise the cabinet on the timing of the issues. (Reporting by Tamara Vaal; Writing by Olzhas Auyezov; Editing by Muralikumar Anantharaman and Andrew Heavens)

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