2015 budget surplus will be cut to support economy

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April 22, 2016 19:31

According to the presidential decree No 399 of September 24th, 2015, state budget revenues will be increased by BYR 6.6 trillion and expenditures by BYR 11.9 trillion. Budget adjustments have been made due to the changes in the economic situation and the devaluation of the national currency, which have led to changes in income and expense items dependant on the BYR exchange rate. Fiscal adjustments may lead to financial resources’ redistribution in favour of the security forces. The bulk of additional costs will be associated with credit resources to the real sector of the economy and loss-making enterprises so that they could continue operations. Problem debt in the industry and agribusiness may reduce: some loans to businesses under the state guarantees may be re-issued to the Finance Ministry. This budget adjustment is not final, changes in the oil prices could significantly affect the budget items and lead to further reduction or increase in the estimated budget surplus for 2015.

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