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.

Related Articles

Lithuania plans to block imports from “unsafe” Belarusian nuclear power plan

The Lithuanian energy ministry has drafted a plan to curb transmission and import of power from a Belarusian nuclear power plant currently being built in Astravets, 50 kilometres from the Lithuanian ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

RBI issues €650mn of AT1 hybrid securities

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, has issued €650mn of perpetual additional Tier 1 capital (AT1). ATI ... more