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Kyrgyzstan raises 2012 budget deficit target from 5.2% to 7.2% of GDP

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July 24, 2012, 9:29 a.m. | Russia and former Soviet Union — by Interfax-Ukraine

Picture taken on August 31, 2009 shows Kyrgyz honour guard soldiers carrying a national flag in celebration of the 18th anniversary of Kyrgyzstan's Independence from the Soviet Union, in Bishkek.
© AFP

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BISHKEK - Kyrgyzstan has raised its budget deficit target for 2012 from 5.2% to 7.2% of GDP.

President Almazbek Atambayev has signed a law to amend the 2012 budget, raising the revenue target by 1.3% to KGS81.627 billion ($1.731 billion), and the spending plan by 8% to KGS104.729 billion ($2.221 billion), the president's press service reported.

As a result, the deficit target has increased by 40.7% to KGS23.1 billion, or 7.2% of GDP, from KGS16.416 billion, or 5.2% of GDP.

GDP is now forecast at KGS319 billion, compared to KGS314 billion earlier.

The budget amendments were initiated by the government, which approved them on June 15. The country's parliament passed the amended budget on June 29

This is the first amendment to the budget this year. Under the country's budget law, the central government budget can be amended up to two times in the course of the year.

Finance Minister Akylbek Zhaparov said at the June 15 cabinet meeting that the amendments were needed because of KGS3.6 billion in tax revenue lost in the first quarter of 2012 from companies involved in the development of the Kumtor gold deposit.

The Kumtor mine produced 60,700 ounces of gold in the first quarter, down from 164,200 ounces in the same period of 2011. The decline was due to a change in the mining schedule and lower-grade ore.

The official exchange rate for July 23 was KGS47.1543/$1.

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