Business news

MINSK, 24 December (BelTA) - The public finance management system will be reformed in Belarus. This is envisaged in resolution No. 1080 of the Council of Ministers of 23 December 2015, BelTA learned from the press service of the Belarusian government.

The strategy of reforming the public finance management system is a set of measures to ensure long-term balance and sustainability of the budget system, raise the efficiency of public finance management.

The strategy has been developed on the basis of the evaluation of the efficiency of the public finance management mechanisms conducted by the World Bank in compliance with the international PEFA standards.

The strategy aims to raise budget feasibility, introduce mid-term planning, step up control over the use of budget funds, design an efficient management system for the non-budget funds of public bodies and other budget-sponsored organizations, improve the mechanism of public debt management.

An interagency council is established to supervise the implementation of the strategy. It will be led by First Deputy Prime Minister Vasily Matyushevsky. The council will coordinate the implementation of the strategy, put forward proposals regarding the efficiency of the public finance management mechanisms, and evaluate the results of these efforts.