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24 Feb 2016

WB: Belarus keeps budget expenditures under control

MINSK, 24 February (BelTA) – The World Bank has praised Belarus’ progress in controlling budget expenditures, Young Chul Kim, World Bank Country Manager for Belarus, said as he took part in a meeting of the Public Expenditure Management Peer-Assisted Learning (PEMPAL) network on 24 February, BelTA has learned.

“Today in many countries both citizens and businesses demand the government to enhance the quality of public services and at the same time reduce their costs. This is why the consolidation of budget expenditures is so important. The public debt should be kept under control, and the stability of the tax system in general should be ensured. Belarus is among the countries that successfully reduce and mitigate risks. With such a high share of state property, Belarus manages to keep the budget expenditures under control,” Young Chul Kim said.

In his words, some countries of Europe and Asia are currently facing considerable budgetary difficulties. “Some states have a serious budget deficit and feel the impact of the volatility of the global economy which is absolutely unpredictable today,” Young Chul Kim stressed. In this context, the World Bank recommends to enhance the sustainability of the budgetary policy in the long-term perspective.

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.

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