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Budget bill past second reading in lower chamber of Belarusian parliament

MINSK ( BelTA) – The budget bill has passed the second reading in the House of Representatives of the National Assembly of Belarus, BelTA has learned.

The 2022 national budget bill and the estimated indicators for the regional and Minsk budgets have been formed on the basis of the program documents on the country's social and economic development, taking into account the current economic situation. The bill prescribes the volume of revenues, expenditures and the deficit of the national budget.

"Of course, when preparing the budget, we considered various economic scenarios, the impact of sanctions pressure, the relations with the West. We also took into account the export potential and the development of our sales markets: the Russian Federation, Asian countries, China," said Lyudmila Nizhevich, Chairwoman of the Standing Commission on Budget and Finance of the House of Representatives.

In 2022, the national budget will be made of the state target budgetary funds: the National Development Fund, the National Centralized Innovation Fund, the National Road Fund, the National Fund for Universal Communications and Informatization and the National Civil Aviation Fund.

Revenues of the national budget in 2022 are projected at Br27,827,460,695. Revenues of the national budget consist of tax revenues, non-tax revenues, and gratuitous receipts. The primary sources of tax revenue of the 2022 national budget are value added tax, income tax, excises, tax revenues from foreign economic activity.

Expenditures of the 2022 national budget are forecast at Br30,672,181,344.

In 2022, the main goals for the public finance sector will be to ensure economic growth based on increasing the efficiency of the use of external and internal resources with a view to improving the well-being of Belarusians and reducing regional disproportions.

The budget expenditures will retain social focus. A significant part of the budget will be spent on wages, pensions, scholarships, allowances, other payments, and on the fulfillment of the state social standards. Budget will also finance the education and healthcare sectors.

In 2022, the national budget is expected to run a deficit of Br2,844,720,649.