The President of Belarus approved the budget for 2016, with a surplus of 1.7% of GDP

MINSK, 31 December. /Corr. Yury Shamshur/. President of Belarus Alexander Lukashenko signed the law on the state budget for 2016, with a surplus of 1.7% of GDP. This was reported in the press service of the head of state.

The budget for 2016 is pegged to income in the amount of 180.5 trillion Belarusian rubles (about $9.8 billion), the expenditure budget will be 163,4 trillion Belarusian rubles (about $8.9 billion). The surplus of the Republican budget in the amount of 17.1 trillion rubles (about $936 million) or 1.7% of GDP.

“The main objectives for the public Finance sector determined to maintain financial and social stability, balanced economic growth through the development of a competitive economy”, – stated during the consideration of the draft budget in Parliament, Finance Minister Vladimir Amarin.

The Finance Minister then noted that the budget for 2016 was set based on the average price of oil at $50 a barrel. He explained that this forecast was made based on the forecasts of the Russian government.

“Now in Russia consider lowering this figure to $40 (per barrel of oil). We also considered, and we have mechanisms for that,” said Amarin.

In addition, the government has budgeted for next year forecast inflation rate at 12%.

The Minister informed that Belarus expects to receive about $1 billion due to the export customs duties on oil products.

“The revenue from duties on petroleum products are estimated to total $1-$1.1 billion,” said Amarin.

According to him, these revenues, including, will be used to repay foreign debt, which in 2016 will be $2.3 billion Finance Minister said that to balance the budget in 2016, taking into account the internal and external currency debt of Belarus still needs to find $1.5 billion.