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21 Jul 2020

Prime minister cites projections from Belarus’ draft budget for 2021

Prime minister cites projections from Belarus’ draft budget for 2021
An archive photo

MINSK, 21 July (BelTA) – The next year’s draft state budget expects the Belarusian ruble exchange rate against the U.S. dollar to be close to Br2.4. The average annual price for oil is expected to be about $40 per barrel, BelTA learned from Prime Minister of Belarus Roman Golovchenko at a session of the Council of Ministers’ Presidium on 21 July.

Roman Golovchenko said: “As for the budget, the key requirements are to keep it in balance, honor state debt commitments, and take care of all the social expenditures. It has been suggested that the next year’s budget should be worked out bearing in mind a target-oriented scenario of economic development. The targets include GDP growth rate at 103.5%, the average annual exchange rate of the Belarusian ruble against the U.S. dollar at about Br2.4, and the average annual price for oil at about $40 per barrel.”

In his words, the approach entails additional risks. It will be necessary to implement a number of systemic measures concerning the fiscal policy in order to address the risks.

“It is already obvious that the next year’s budget is being worked out in complicated conditions, in conditions of limited resources. Direct losses of the budget revenues in 2021 from the so-called tax maneuver alone are estimated at about Br350 million,” the prime minister noted.

The head of government asked the finance minister to report how tasks relating to the balanced execution of budgets of all levels will be fulfilled taking into account the need to honor all the state social commitments in full.

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