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2 Oct 2018

Belarus’ budget bill for 2019 submitted to head of state

Belarus’ budget bill for 2019 submitted to head of state

MINSK, 2 October (BelTA) - Belarus’ budget bill for 2019 has been submitted to the head of state, Belarus Finance Minister Maksim Yermolovich told the media on 2 October, BelTA has learned.

According to the minister, after that the 2019 budget bill will be sent to the Parliament. “I think that all procedural issues will be resolved in October-November and the bill will arrive in the House of Representatives for consideration,” Maksim Yermolovich said. It is expected that the bill will be adopted before 1 January.

The 2019 budget bill is drafted on the expectation of the U.S. dollar exchange rate to average Br2.2160 , Belarus' GDP growth rate at 102.1%, the average annual inflation at 105.3%, refinancing rate at 10%, and oil price at $60 per barrel.

The budget bill is based on a baseline scenario of economic development. When planning revenues the bill authors took into account the approaches embodied in the new edition of the Tax Code and the measures to consolidate the budget revenues. The tax burden in 2019 will not exceed the level envisaged in the main documents on social and economic development of the country in the five-year period.

In 2019 the consolidated budget is expected to receive Br36.6 billion (101.6% of the expected revenues this year) and to spend Br23.5 billion (100.1%). This is primarily due to a more conservative oil price next year envisaged in the budget revenues and the impact of the oil tax maneuver in Russia.

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