Ministry of Finance of Belarus is working on the 2010 budget specification. As it was reported by the Minister of Finance Andrei Kharkovets on October 4, budget deficit is likely to increase. After implementation of appropriate calculations, the increase in the budget deficit resulted in less than 3%, the Finance Ministry informed.
In turn, the head of the main fiscal policy department of the Finance Ministry Maxim Ermolovich explained that the budget specification to be made of the fact that Belarus suffers considerable losses from changes in the oil trade terms. However, the expert does not bind the budget deficit increase with the announced wages increase in the country, BelTA informs.
Regarding the sources to cover losses from the oil trade terms changes, the expert of Ministry of Finance reported that the 2010 budget contains additional income, to be mainly focused on wage increases. «Due to the fact that these losses can not be offset, even though we are taking measures to increase the revenue side, we have to increase the budget deficit,» Maxim Ermolovich said.
According to him, the source of budget deficit reimbursement is to become demand balances generated during the year, including external borrowing.
