MINSK, 8 January (BelTA) – The national budget for 2019 was developed using a conservative scenario. This scenario will be in place in H1, Finance Minister Maksim Yermolovich told the ONT TV channel on 6 January, BelTA has learned.
The budget surplus stands at Br1.7 billion in 2019. Maksim Yermolovich noted that in the given economic conditions he is not ready to offer more optimistic projections. “The budget is most likely to be utilized in H1 strictly along the parameters set forth in the budget,” he said.
Maksim Yermolovich recalled that the national budget for 2019 did not provide for compensation for Russia's tax maneuver. “We no longer use profits from exporting oil and petroleum products to finance budget expenditures. These funds are used to pay off external debts of the government. We will try to get these additional funds through budget consolidation and will search for new sources of financing,” the minister noted. Belarus' external borrowing plans remain unchanged – $1.5 billion. The Finance Ministry expects Belarus' economy to be less dependent on energy imports from Russia, including gas imports, after the commissioning of the Belarusian nuclear power plant.
The minister recalled that Belarus will increase social spending in 2019. All in all, social spending will be augmented by 5%. In particular, spending on education and healthcare will be expanded by 10%. Government subsidies for the real economic sector will shrink. The money saved will be re-channeled into purchasing medical equipment and improving infrastructure, including road infrastructure.
