Belarus to complete key stage in reforming public finance management system by late 2019
MINSK (BelTA) The key stage of the reform in the Belarusian public finance management system will be completed by the end of 2019, First Deputy Finance Minister of Belarus Maxim Yermolovich told media on 24 February ahead of the meeting of the budget society PEMPAL organized by the Finance Ministry and the World Bank, BelTA has learned.
“The public finance reform strategy approved in December 2015 includes a broad range of events. By late 2019 we should complete the key stage, prepare all the participants of the budgetary process for new conditions and necessary changes in legislation. All this is aimed at making budget expenses more efficient. When budget revenues do not increase, reserves should be sought inside the system,” noted Maxim Yermolovich.
According to the First Deputy Minister, the reform in the public finance management system will help increase the efficiency of budget expenses and assess the quality of budget assignments, including with public participation. “The presentation of the budget to the public is a separate block of issues. This work should be done as well. It will be launched this year. There are plans to prepare a set of information materials on the budget,” Maxim Yermolovich explained.
Minsk is playing host to an annual plenary meeting of the budget society PEMPAL (Public Expenditure Management Peer Assisted Learning). The meeting is focused on the use of budget rules to secure results and budget sustainability. Attending the event are representatives of 20 countries and experts of international organizations: World Bank, International Monetary Fund and the Organization for Economic Cooperation and Development.
At today's meeting the budget society PEMPAL is offered to analysis the budget rules application practices in Russia, Albania and Belarus. Belarus, as a hosting country, will present its strategy on public expenditure management which the country uses to secure its budget effectiveness and sustainability.