Events

MINSK, 24 February (BelTA) – The public finance management system in Belarus will be upgraded keeping in mind the principles of the country’s socially-oriented policy, Belarusian First Deputy Finance Minister Maxim Yermolovich told journalists before a meeting of the Public Expenditure Management Peer-Assisted Learning (PEMPAL) network on 24 February organized by the Belarusian Finance Ministry and the World Bank, BelTA has learned.

“The budget is a reflection of the state social and economic policy. To ensure higher living standards, the budget should be streamlined as much as possible. This is why the upgrading of the finance management system is conducted in keeping with the state policy guidelines,” Maxim Yermolovich explained. Meanwhile, the ‘living within means’ principle will be also kept in mind when planning the budget.

The First Deputy Finance Minister pointed out that budgetary rules are designed for a long-term perspective, and Belarus is not an exception. He added that the rules should take into account possible changes in different areas, from demography to environment.

Minsk is playing host to an annual plenary meeting of the PEMPAL network on 24 February. The meeting discusses fiscal rules for effective and sustainable budgeting. Partaking in the event are representatives of 20 countries and international experts from the World Bank, the International Monetary Fund, and the Organization for Economic Cooperation and Development.