Kazakhstan’s government outlined its budget macro parameters, assuming oil to average USD 80 bbl and USD/KZT to average 460. Growth was boosted to 5.3% in 2024 from 4.7%, while inflation is forecast in the 9-11% range for 2023 and the 6-8% range for 2024. Additionally, the planned transfers from the Oil Fund will likely drop from KZT 4 tln in 2023 to 3.6 tln in 2024, a conservative view compared to the aggressive plans of Fund savings last year, which appears to be an acknowledgment of the intention of a continued fiscal support to the economy in coming years.