OREANDA-NEWS. Belarus has approved a zero-deficit budget plan for 2014, which has the status of a law.

Enacted on December 31, 2013, the 2014 budget plan says that central budget expenditures in the amount of Br128.594 trillion (USD 13.622 billion) will be fully set off with revenues in the amount of Br128.594 trillion.

The document says that Belarus is supposed to have a zero deficit of the central budget.

Budget expenditures had revenues have each grown by 5.6% on the year.

Sources of income

The plan for tax revenues is set at Br107.977 trillion (USD 11.318 billion, USD 1/Br9,540), including VAT proceeds - Br45.833 trillion (USD 4.804 billion), excises - Br22.734 trillion (USD 2.383 billion), road toll proceeds - Br194.168 billion (USD 20.353 million), the mining tax - Br1.937 trillion (USD 203.04 million).

One of the features of the 2014 budget plan is the new tax payable by vehicle owners for access to motorway traffic. The proceeds from the new incarnation of the transport tax will go to finance motorway construction projects and will be divided in equal proportion between the central budget and local budgets.

Proceeds from customs taxes and duties are expected at Br3.9 trillion (USD 408.805 million), export taxes - Br10.345 trillion (USD 1.084 billion).

Revenues from confiscated property are seen at Br206.9 billion (USD 21.688 million).

Belarus' national development fund, which accumulates a certain proportion of revenues of the country's several dozen highly profitable companies, is expected gather in Br1.93 trillion (USD 202.306 million) in 2014.

Agribusiness subsidies sustained

Expenditures on “countrywide activities” are set at Br64.848 trillion (USD 6.798 billion), national defence Br7.131 trillion (USD 747.484 million), judicial authorities and law enforcement activities - Br12.810 trillion (USD 1.343 billion), economic development - Br18.625 trillion (USD 1.952 billion), housing and utilities - Br101.321 billion (USD 10.62 million).

The government's investment programme will be funded in the amount of Br4.809 trillion (USD 504.088 million).

State subsidies in support of agricultural production and fisheries will amount to Br1.395 trillion (USD 146.226 million).

As much as Br248.5 billion (USD 26.048 million) has been earmarked for the traditional harvest festival - the central event in the agricultural sector.

Expenditures on road maintenance and motorway construction stand at Br3.026 trillion (USD 317.191 million).

External debt ceiling raised

The 2014 budget bill has raised the ceiling on the government's internal debt to Br50 trillion (USD 5.241 billion) from Br25 trillion (USD 2.621 trillion) in 2013; the ceiling on the internal debt secured by Belarus' govt raised to Br36 trillion (USD 3.774 billion) from Br25 trillion in 2013; the ceiling on the external debt reduced to USD 15.5 billion from USD 16.3 billion in 2014, including the external debt secured by the government - USD 3 billion (USD 3 billion).

The cap on export risk insurance coverage is set at USD 1.105 billion (USD 517 million in 2013).

Belarus has earmarked Br18.065 trillion (USD 1.894 billion) for paying off credits of international financial institutions; Br5.767 trillion (USD 604.507 million) for repaying the principal debt on credits provided by foreign states and other foreign creditors.

Besides, Belarus plans to float Br7.84 trillion (USD 821.803 million) worth of government bonds on foreign markets in 2014.