MINSK, 21 September (BelTA) – Belarus' draft budget for the next year has been calculated using the U.S. dollar annual average exchange rate of Br2.2160, BelTA learned from the Finance, Accounting, Audit magazine of the Belarusian Finance Ministry.
Apart from that, the draft budget expects the GDP growth rate to reach 102.1% in 2019. The annual average inflation rate is expected at 105.3%, the refinancing rate at 10% per annum, and oil prices at $60 per barrel.
The draft budget has been put together using the baseline economic development scenario. Its revenues have been calculated bearing in mind the new revision of the Tax Code and measures taken to consolidate the state budget revenues. In 2019 the tax burden will not exceed the figures specified by the five-year social and economic development plans.
In 2019 revenues of the consolidated budget are expected to reach Br36.6 billion, 101.6% of the estimated revenues this year. Revenues of the central state budget are supposed to reach Br23.5 billion, 100.1%. The figures are determined by more conservative oil price expectations and taxation adjustments in the Russian oil industry.More about Economy