2017 draft budget passes first reading

3 октября 2016

By Svetlana Lukyanyuk: The 2017 draft budget, a landmark document for the fifth convocation of the Belarusian Parliament, has opened its autumn session today. The Parliament of the sixth convocation will start operating on 11 October. Within a week the House of Representatives and the Council of the Republic are going to consider 26 bills, part of them related to international document ratification and changes to the existing laws.

According to the 2017 budget, the oil price is expected to amount to at least 35 dollars per barrel, with Russia's currency exchange rate against the US dollar making up 1 to 75. The refinancing rate is expected to stand at 15-17%. GDP growth is projected at a moderate rate of 0.2%. Modernisation is expected to result in sales growth and new markets, inefficient credit projects to be cut down on. Fewer funds will be allocated to the agroindustrial and construction sectors, while health care, education and culture will be top priorities to receive more funding compared to last year. State workers’ salaries are planned to increase by 9%, pensions also expected to grow.

The social security fund will be formed by insurance payments only.

The state budget is planned with a surplus of 1.5 billion rubles. The money will be used to pay off the state debt.

The draft bill has been approved by the MPs today to be considered by the House of Representatives in the second reading on Wednesday and by the Council of the Republic on Thursday.