Belarus plans budget surplus of 1.8% of GDP in 2015

By bne IntelliNews November 14, 2014

In 2015, Belarus is set to run a budget surplus equal to 1.8% of GDP, which is about $2bn, Belarus' deputy finance minister Maxim Yermolovich said. He stressed that over the past five years Belarus has steadily been running budget surpluses. “We did not allow the budget deficit in 2013, the surplus amounted to about 0.2% of GDP. In 2014, as of 1 October, the budget surplus is at 0.8% of GDP,” he said. Moreover, Yermolovich noted that the fiscal policy is quite tough, subject to the principles of cautious expansion of the government social spending.

According to prime minister Mikhail Myasnikovich, in 2015, Belarus intends to spend its state budget surplus on the settling of the external state debt. According to the PM, Belarus will primarily use its own resources instead of new loans to repay the external state debt in 2015. The central state budget draft allocates $4bn for servicing and repaying the state debt, including $3bn to repay the internal and external foreign currency debt.

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