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Oil price changes seen as no risk to Belarus budget

December 20, 2018/ 09:10

Minsk. The Belarusian Finance Ministry does not believe that revenues of the state budget and the country's external commitments will be threatened by fluctuating prices for oil, BelTA learned from Belarusian Finance Minister Maksim Yermolovich on 19 December. Belarus' state budget for the year 2019 has been put together with the oil price set at $60 per barrel.

According to Maksim Yermolovich, there is nothing excessively optimistic about it. “While we were putting together the budget, we considered this price to be moderately pessimistic,” he said. “$60 per barrel is quite a comfortable price from the point of view of the budget revenues even taking into account the tax maneuver in the Russian Federation.” The budgeting rule Belarus uses does not tie routine spending and capital outlays to specific revenues such as export customs duties or duties on oil and oil products. “Changes in these revenues do not create risks to the execution of the general part of the state budget,” said the finance minister. In his words, even if the situation with tax revenues from export customs duties or duties on oil and oil products gets worse, the revenues will be sufficient to negate the fluctuations. “The risk is deemed as less than average,” he concluded.

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