OREANDA-NEWS. August 23, 2007. Next year Belarus’ state budget deficit is expected to make 2% of the GDP, Belarus Finance Minister Nikolai Korbut told a session of the Council of Ministers Presidium. The session tabled major figures of the national social and economic development forecast and the budget bill for 2008, reported the Official website http://www.government.by.

In the previous years the expected budget deficit stood at 1,5% of the GDP. Nikolai Korbut put down the budget deficit raise to more active investment policy of the government. In his opinion, the next year’s budget deficit as high as 2% of the GDP is not critical for the country, because “the money will be invested, not wasted”. Nikolai Korbut also remarked, revenues of the next year’s consolidated budget are estimated at Br50,4 trillion, expenses — Br52,4 trillion including money of the Social Security Fund).

VAT is supposed to account for 33,6% of the budget revenues. Salaries for public sector employees are expected to be the main article of the budget expenses. The public sector salaries are supposed to average Br700,000 per month by late 2008.

In view of the prices for fuel and energy resources to be imported in 2008 the state budget will provide subsidies to oil suppliers. Apart from that, more money will be spent on subsidising household bills for individuals. All in all, Belarusians are expected to pay 34% of the cost of housing maintenance and utilities, at most $5 more.

The government will also keep providing state support to the companies that implement investment programmes.