Business news

MINSK, 8 August (BelTA) – Belarus’ draft budget for the year 2019 has been calculated with expectations that oil will cost $60 per barrel and inflation will stay as low as 5%. The statement was made by Belarusian Deputy Finance Minister Yuri Seliverstov during an expanded-participation session of the Economy, Budget, and Finance Commission of the Council of the Republic of the National Assembly of Belarus on 8 August, BelTA has learned.

The next year’s budget has been drafted bearing in mind the basic scenario of the national economy development. The main parameters include inflation (5%), the refinancing rate (9.75%), and the oil price ($60 per barrel). The latest adjustments to oil industry taxes in Russia have been taken into account.

Revenues of the consolidated state budget are expected to rise by less than 1%. The growth rate of revenues of the central state budget is expected to drop to 98.3% of this year’s estimate.

In 2019 the state budget will prioritize raising salaries in the public sector and honoring debt commitments. These expenses are expected to grow faster than the budget’s revenues.