OREANDA-NEWS  On 15 October was announced, that the lower chamber of parliament, the House of Representatives, passed the republican budget bill after the first read.

Belarus’ budget deficit is expected to amount to 2.8 trillion Belarusian rubles (Br) in 2009, or 1.8% of GDP.

According to Finance Minister Andrei Kharkovets, it is planned to attract 2.44 trillion rubles from internal sources to cover the deficit. “These will be surplus balances of this year’s state budget,” he said.

Also, about 400 billion rubles will be received from foreign sources.

Republican budget revenues are projected to reach 54.899 trillion rubles in 2009, up 17.4% from the anticipated 2008 level. The total includes 17.022 trillion rubles of Social Security Fund revenues.

Budget expenditures are expected to reach 57.699 trillion rubles, including Social Security Fund expenditures of 16.86 trillion rubles. Overall expenditures are projected to rise 25.6% from the level projected for 2008.

Consolidated budget revenues are to amount to 72.7 trillion rubles in 2009, 46.9% of GDP, and expenditures 75.5 trillion rubles, 48.7% of GDP.

The key projected tax sources of consolidated budget revenues are the value-added tax, which is expected to make up 27.8% of all revenues, the Social Security Fund and state targeted budget funds not included, foreign trade proceeds, seen at 23.7% of all revenues, profit and income taxes, at 13.8%, individual income taxes, at 10.5%, and excise taxes, at 8.3%.

Kharkovets told the lower chamber that the 2009 budget would allocate 172 billion rubles for the construction of Belarus’ nuclear power plant.

“We will continue providing budget support in order to reduce power and heat tariffs amid growing energy prices. The budget will finance 750 billion rubles’ worth of investment expenses of the Energy Ministry,” he added.

“Subsidies to utility companies will also increase, to reach 1.7 trillion rubles in 2009. Budget funds will cover 48% of utility companies’ expenses, population will cover 32%, and the rest will be financed by suppliers,” Kharkovets said.