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Economy
10 October 2019, 13:22

Belarus' budget deficit projected at Br1bn in 2020

MINSK, 10 October (BelTA) - The 2020 budget deficit is projected at Br1 billion, Belarusian Finance Minister Maksim Yermolovich told reporters in the House of Representatives in Minsk on 10 October, BelTA has learned.

“The deficit is projected to reduce from 1.3% of GDP to 1%. This is a little less than Br1 billion, or Br990 million for next year,” Maksim Yermolovich noted.

The updated budget bill for 2020 is scheduled to be submitted to Parliament by the end of this month.

According to the minister, during the work to finalize theeconomic documents for 2020, additional decisions were made to implement a set of measures to reduce state support for organizations (by 10% over this year). This is the instruction of the head of state. All these funds will be redirected to reduce the budget deficit and address social problems,” Maksim Yermolovich noted.

When finalizing the budget bill a proposal was made to consolidate two state off-budget funds in the budget. Thus, all targeted off-budget funds will be governed by the budget and will be implemented in accordance with the established budgetary practice. The Social Security Fund remains the only off-budget fund in the economic system of Belarus.

“The bill provides for the additional incentives to improve export efficiency, support exports with financial instruments in order to ensure more ambitious economic performance in 2020,” Maksim Yermolovich noted.

When asked about the impact of the tax maneuver in the Russian oil industry on the budget of Belarus, he said that in these circumstances the Finance Ministry is forced to carry out a tougher budget policy. The impact is significant. “The consolidated budget revenues will not increase in 2020 as against 2019. The economy is growing, bud the budget revenues remain almost unchanged in nominal terms,” he said.

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