Events

MOSCOW, 29 November (BelTA) – Plans have been made to authorize RUB4.8 billion as the size of the next year’s budget of the Union State of Belarus and Russia. The figure was revealed during the session of the Budget and Finance Commission of the Parliamentary Assembly of the Union of Belarus and Russia in Moscow on 29 November, BelTA has learned.

The volume of the next year’s budget is comparable to this year’s. Contributions from Belarus and Russia will traditionally make up its revenues. Rollover funds from previous years will add to the total.

According to Irina Pavlovskaya, Head of the Finance and Budget Policy Department of the Standing Committee of the Union State of Belarus and Russia, at present the Union State budget finances nine programs. Another three will be authorized during the session of the Union State Council of Ministers on 8 December. The concept of another program has been approved. Its financing may begin in mid-2018.

The new programs may reduce leftover funds from over RUB2 billion to less than RUB1.5 billion in 2018. The leftover funds will be fully used up in 2019.

However, since funding for new programs may be authorized as from 2019, the current size of the budget may be insufficient for financing all of them. The fact that Union State spending is moving away from programs to singular measures, events, and projects, which are easier to authorize and accept, also makes things difficult.

Irina Pavlovskaya suggested changing the approach to forming the Union State budget in addition to reducing the implementation time of programs. She also said it would be a good idea to focus on programs with the biggest commercial effect and programs aimed at import substitution. Members of the Budget and Finance Commission backed the proposals.

The next year’s draft budget of the Union State of Belarus and Russia will be discussed during a session of the Parliamentary Assembly of the Union of Belarus and Russia in December. After that the document will be forwarded for approval to the Supreme State Council of the Union State of Belarus and Russia.