Posted:
14.11.2023 14:48:00
Income and expense matrix
Caring for people is a core element of the 2024 draft republican budget
Recently, the draft law on the republican budget for 2024 was adopted by the House of Representatives of the National Assembly in the first reading. The abundance of figures is impressive, but they all speak about one thing: the key tasks for the development of Belarus next year will be maintaining the stability of the budget system, using budget funds in accordance with the priorities of socio-economic development and increasing the well-being of the Belarusian people on this basis. More than one billion rubles will be allocated to support citizens in need of improved housing conditions. Over a billion rubles will also be allocated from the budget for the construction of rental housing for security forces workers. The consolidated budget provides Br26.2 billion for remuneration of public sector workers, including pensions for military personnel. About Br1.9 billion will be allocated to the Republican Road Fund. More than Br2.6 billion are planned for the implementation of state support for the agro-industrial complex, with an increase of 18 percent compared to the approved plan for 2023. And this is just a small fraction of the facts from the main financial document of our country.
The President of Belarus,
Aleksandr Lukashenko,
“For three decades now the people-oriented economy has been the foundation of our state policy. This policy is successful, and the nation supports it. Judging by all the indicators that characterise social equality, Belarus is one of the best countries. We’ve created a state without oligarchs. We have prevented a concentration of capital and properties in the same hands. All the national riches are owned by the people.”
In Address to the nation and parliament
on March 31st, 2023
Aleksandr Lukashenko,
“For three decades now the people-oriented economy has been the foundation of our state policy. This policy is successful, and the nation supports it. Judging by all the indicators that characterise social equality, Belarus is one of the best countries. We’ve created a state without oligarchs. We have prevented a concentration of capital and properties in the same hands. All the national riches are owned by the people.”
In Address to the nation and parliament
on March 31st, 2023
The state is for the people
The draft budget 2024 was formed on the basis of the parameters of the socio-economic development forecast, taking into account the current economic situation, as well as the implementation of tax policy measures, Finance Minister Yuri Seliverstov explained. He especially emphasised, “In the structure of the consolidated budget for 2024, expenditures on financing the social sector amount to 42.2 percent. At the same time, of this, healthcare costs amount to Br11.6 billion, or 4.7 percent of GDP, and education costs Br11.8 billion, or 4.8 percent of GDP.”Consolidated budget revenues for 2024 are estimated at Br67.5 billion, or 106.3 percent of the current year. Revenues from the draft republican budget for 2024 are provided in the amount of 39.9 billion, or 102.8 percent of the estimated revenues for 2023. Expenditures of the consolidated budget for the coming financial year are determined in the amount of Br72.7 billion, or 112.1 percent by 2023, of the republican budget — 44.7 billion, or 113.9 percent.
Pension growth by 15 percent
Another landmark bill was adopted in two readings at once — On the Budget of the State Extra-Budgetary Fund for Social Protection of the Population of the Republic of Belarus for 2024. As noted by Labor and Social Security Minister Irina Kostevich, the fund’s budget revenues are calculated in the amount of Br28.226 billion (113 percent of the fund’s budget for 2023), expenses — Br27.8 billion (Br3.7 billion more than the expected level for 2023).The main amount of the Social Protection Fund expenses — more than Br22 billion (almost 80 percent of the fund’s budget expenses) — is planned to be used to finance pensions. It is planned that in 2024, on average, old-age pensions will increase by 15 percent.
Br32 million are allocated to finance the payment of professional pensions.
Special attention to supporting families
Supporting families with children is a national priority. To achieve this, the state is implementing a number of measures with a special emphasis on large families. One of these measures is the Family Capital programme, which has been operating in our country since 2015. In this regard, Yuri Seliverstov drew the attention of deputies to the fact that for more than eight years, the state has credited over Br3 billion to the deposit accounts of families, “It is planned to allocate about Br383 million to pay off family capital in 2024.”Regional accent
Issues of regional development have always been and remain the focus of attention when developing budget bills. Estimated indicators for expenses and income in local budgets are formed according to the same approaches as the republican budget.The volume of local budget revenues for the next year is calculated on the basis of forecast parameters of economic development and is determined in the amount of Br38.9 billion (an increase of 12.4 percent compared to the 2023 estimate). Of these, own income is Br29.7 billion, or 111.6 percent compared to the current year.
“Resource support for local budgets at the expense of the republican budget in 2024 will increase by 14.8 percent and amount to Br9.2 billion. At the same time, the emphasis is on strengthening the targeted nature of the funds provided. In the total volume of targeted funds for the repair of local roads, Br700 million are provided, or with an increase of 4.7 times compared to the current year level. For the construction of engineering and transport infrastructure — almost Br590 million, an increase of 8.3 percent. Br756 million are allocated for expenses related to providing citizens with loans for housing construction, an increase of 5.6 percent,” Yuri Seliverstov notes.
Targeted funds transferred to finance the agro-industrial complex
The consolidated budget for 2024 provides for more than Br2.6 billion rubles for the implementation of state support for the agro-industrial complex, with an increase of 18 percent compared to the approved plan for 2023. Of these, about 65 percent, or Br1.8 billion, are direct measures of state support, which will include targeted funding for regions from the republican budget in the amount of Br645.3 million.
Real sector of the economy
About Br1.1 billion are provided for providing state support to organisations in the real sector of the economy in the form of compensation for interest rates on loans. Of these, more than a third is to support exports and almost a quarter is to create conditions to support the financing of the purchase of modern machinery and equipment.
National defence
Spending on national defence and law enforcement is increasing significantly. It is planned to allocate about Br8.3 billion from the republican budget for these purposes in 2024, or with an increase of almost 22 percent compared to the current year.Road programme
Expenditures of the Republican Road Fund are planned in the amount of Br1.9 billion with an increase of 28 percent compared to the expected execution of the current year. Of this, Br812 million come from the fund’s revenue sources, and Br1.1 billion from the republican budget.Centralised acquisition of road equipment by the Ministry of Transport — Br40 million.
Investments in science
Br633 million will be allocated for scientific and scientific-technical activities, and Br765.7 million for scientific development (funds from innovation funds).By Anastasia Tselyuk
