Belarus' 2024 budget bill passes second reading

Belarus' national budget 2024 bill passed the second reading at a sitting of the tenth session of the House of Representatives of the seventh convocation, BelTA has learned.

The bill has been submitted to the House of Representatives by the Council of Ministers. The bill was presented by Finance Minister Yuri Seliverstov.

The national budget and the budgets of the regions and the city of Minsk in 2024 were calculated on the basis of the program documents on social and economic development of the country, taking into account the current economic situation. The key task of the Republic of Belarus in 2024 will be to maintain the stability of the budget system, to honor all debt obligations, to use budget funds in accordance with the priorities of social and economic development and to improve the well-being of the Belarusian people.

"Revenues of the consolidated budget for 2024 are estimated at Br67.5 billion, or 106.3% as against to the current year," the minister said.

The 2024 budget bill envisages revenues in the amount of Br39.9 billion, or 102.8% of the estimated revenues for 2023. The main sources of tax revenues of the national budget are value added tax, excises, tax revenues from foreign economic activity.

“Consolidated budget expenditures for the upcoming fiscal year are determined in the amount of Br72.7 billion, or 112.1% over 2023, those of the national budget - Br44.7 billion, or 113.9%,” Yuri Seliverstov said.

In 2024, the main tasks for the public finance sector are to ensure economic growth through improving the efficiency of the use of external and domestic resources and reducing regional disparities. The budget expenditures will remain socially oriented. The priority is to finance education and healthcare and to implement measures aimed at improving the population quality of life and support for families with many children. The budget envisages the family capital program expenses in the amount of Br382.5 million. A significant part of the budget will be spent on labor remuneration, pensions, scholarships, allowances, other payments, and state social standards.

The 2024 budget bill is projected to run a deficit of Br4.75 billion.