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27 Aug 2018

Agreement on compensations for Belarus after Russian oil industry taxation adjustments

MINSK, 27 August (BelTA) – Minsk and Moscow have agreed to work out compensating mechanisms for the Belarusian economy in the aftermath of Russian oil industry taxation adjustments. Belarusian Economy Minister Dmitry Krutoi made the relevant statement on the air of the TV channel STV on 26 August, BelTA has learned.

Belarus’ social and economic development forecast for the year 2019 fully takes into account the negative consequences of the second stage of Russian oil industry tax adjustments, which are due to come into force on 1 January 2019. “We have an agreement with Russian colleagues to work out compensating mechanisms for our economy by the end of the year. But we bear in mind the most negative scenario to keep the calculations correct,” noted the economy minister.

Dmitry Krutoi talked about revisions of the next year’s draft social and economic development forecast. The GDP has been reduced from 104.1% to 104% in the target scenario and from 102.8% to 102.1% in the baseline scenario. “External parameters have experienced substantial changes within the last two weeks. International organizations have reduced the world GDP growth rate. Russian colleagues from the Economic Development Ministry have revised the forecast for the year 2019. Their GDP has been reduced by quite a lot – by 0.8 percentage points,” he explained.

The latest fluctuations of the Russian ruble have necessitated revisions of the currency exchange rates. The revisions were promptly carried out by the central bank of Belarus and are reflected in the forecast documents. New estimates of the cost of oil in 2019 represented another factor behind changes of the social and economic development forecast parameters. The oil cost was $70 per barrel in the target scenario previously. Now it is $65.

As far as real monetary income is concerned, it is supposed to increase by 3.4% in line with the draft forecast. The average salary of working Belarusians is expected to reach Br1,025 in 2019.

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