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Oil price in Belarus' next year's draft budget at $60 per barrel

Economy 21.10.2019 | 19:01

MINSK, 21 October (BelTA) – Belarus' draft budget for the year 2020 expects oil of the Urals variety to cost $60 per barrel, with U.S. dollar exchange rate at Br2.2447 on the average and the annual inflation at 5%, BelTA learned from the article “Main approaches to forming the draft budget for 2020” written by Head of the Central Office for Budget Policy of the Belarusian Finance Ministry Yelena Pechen for the ministry's Finance, Accounting, Auditing magazine.

The budget has been drafted around the baseline scenario of economic development. It takes into account the tax maneuver in Russia, the removal of restrictions on deductions of incoming VAT on consumer imports, the reduction of the maximum coefficient of rates of property taxes from 2.5 to 2, the reduced cadastral value in the social and business zone and the manufacturing zone.

Plans have been made to adjust tax rates in accordance with the expected inflation. Rates of excise duties will be raised for the sake of harmonization within the framework of the Eurasian Economic Union. Tax burden is expected to be about 24.3% of the GDP. The budget is supposed to include the civil aviation fund and the universal service fund, which are outside the budget for now.

Revenues of the consolidated budget are expected to gain a bit to get close to Br39.5 billion. The centralization of resources will drop to 27.9% of the GDP (29.5% in 2019).

Positive dynamics of financing of the social sphere will be preserved on the whole. Spending on these goals will be raised by at least 11% in comparison with this year's.

“The country's budget is becoming even more socially oriented. The priority areas include efforts to increase the welfare of citizens, support large families, and reduce interregional differentiation,” Yelena Pechen noted.

The structure of the state debt will be optimized. The budget's involvement in supporting the real sector will be reduced.

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