Updated at 13:48,15-08-2017

Belarus to revise 2016 budget in June

Euroradio

In June, the Ministry of Finance will make a draft decree on budget adjustment. The document is planned to reduce the currently reserved spending to balance the budget before the end of the year. This was said by Finance Minister Uladzimir Amaryn in an interview with the BT-1 channel.

Incidentally, this will be the third draft of the 2016 budget. The first draft was adopted in late 2015, but already in February 2016 it had to be revised due to the reduction in world oil prices.

Amaryn says that the reduction will involve "separate low priority spending" and should not affect the "urgent needs of the public sector". In addition, according to the minister, subsidies to local budgets will be cut so that they would take appropriate measures to reduce their costs.

The total amount of possible reduction, according to the Finance Minister's estimates, is about 15 trillion rubles, or about 7% of all budget expenditures.

The Minister insisted that we should "live within our means - this applies to both people and budget".