OREANDA-NEWS. On 15 July 2009 was announced, that Belarus’ Finance Ministry has posted a republican budget surplus of 719.1 billion Belarusian rubles (Br), or 1.4% of the gross domestic product (GDP) in January-May 2009, an official with the Finance Ministry told.

The republican budget indicates spending and revenues of the central administration, whereas the consolidated budget also includes local budgets.

Republican budget revenues amounted to 17.042 trillion rubles in the first quarter, or 31% of the target for the whole year.

Profit tax revenues reached 946.2 billion rubles, or 24.9% of the target for 2009, VAT revenues were at 3.2 trillion rubles, 32.1% of the target, and excise tax revenues at 1.2 trillion rubles, 29.6% of the target. Foreign economic activity revenues amounted to 2.5 trillion rubles, 20.1% of the target.

Republican budget expenditures reached 16.323 trillion rubles, 29.9% of the target for 2009.

Expenditures on welfare, science, culture, healthcare, mass media, sports, education, etc. amounted to 7.824 trillion rubles, 36.7% of the target for 2009, national economy expenditures were at 3.659 trillion rubles, 30.8% of the target, and general state expenditures at 3.552 trillion rubles, 20.4% of the target.

Belarusian President Alexander Lukashenko has adjusted the republican budget parameters for 2009 and increased the foreign debt limit by USD 2 billion to USD 8 billion. Lukashenko on May 28 signed ordinance #264 to adjust the state budget.

To have a deficit-free budget, Belarus will have to attract 8.5 trillion Belarusian rubles’ worth of foreign financing, including 5.6 trillion rubles’ worth of loans from international finance institutions and 2.9 trillion rubles’ worth of loans from other foreign creditors.

The president approved a reduction in republican budget revenues by 8 trillion rubles to 46.9 trillion rubles and in expenditures by 11 trillion rubles to 46.7 trillion rubles and approved a budget deficit of zero rubles.