ABSTRACT
Oil output and the associated fi scal revenue in Kazakhstan have increased sharply in recent years. More than one third of total government revenue was derived from the oil sector in 2005, compared to only 6 per cent in 1999.1 Although the overall budget has remained in surplus, pressures to increase public expenditure have intensifi ed. Recently, the government of Kazakhstan has taken steps to redesign the fi scal strategy for managing the country’s oil wealth.
