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31 Dec 2015

Lukashenko signs law on budget for 2016

MINSK, 31 December (BelTA) – Belarus President Alexander Lukashenko signed the law on the national budget for 2016, BelTA learned from the press service of the head of state.

The 2016 budget will run a surplus of Br17.172 trillion. The budget revenue is envisaged at Br180.590 trillion, up 9.6% over the expected budget performance in 2015. The budget expenditure will make up Br163.417 trillion (up 6.9% from 2015).

The key areas for development in 2016 will include the export growth and diversification, job creation, enhancement of the efficient use of state property. The main sources of tax revenue are VAT, excises, tax revenues from economic activity.

Maintaining financial and social stability and ensuring a balanced economic growth through the development of a competitive economy have been determined as the main tasks for the state finance sector.

The 2016 budget will remain socially-oriented with the priority placed on financing education and healthcare. The family capital expenditure will total Br2 trillion next year. A considerable part of the budget will include expenses on salaries, pensions, scholarships, benefits and other payments, and also resources to fund the implementation of state social standards.

Alexander Lukashenko also signed a number of other budget-related regulations for 2016, including the ones on the budget of the state non-budgetary social security fund and the budget of the state non-budgetary fund for civil aviation.

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