Next year’s budget will keep the social focus

Roman Golovchenko

MINSK, September 21 (BelTA) – The central government budget for 2022 will continue to be people-centered. Belarusian Prime Minister Roman Golovchenko made the relevant statement during the meeting of the Council of Ministers on September 21, BelTA learned.

The Council of Ministers met to discuss the draft forecast for the social and economic development of Belarus, the main guidelines for monetary management and the draft central state budget for 2022.

Roman Golovchenko said: “The state budget will keep its social focus. Spending on public sector salaries, military pensions, supporting large families and other things will increase significantly over the next year. In addition, under Presidential Decree No. 240, 476 million Br. Were made available for the promotion of housing construction, or 1.5 times as much as in 2021. “

According to him, the budget for the next year was drawn up taking into account the risks arising from the sanctions and an inertia scenario of economic development. In the draft budget, GDP growth of 1% is expected, while the target is 2.9%. Therefore, all additional income of the economy is accumulated in special reserve funds. In essence, they provide an additional source of funding for household expenses, including wage increases and additional expenses that may arise during the year, the prime minister said.

The Prime Minister also named the key figures mentioned in the forecasts for the next year. The GDP growth rate will be 102.9%, he said. The real cash disposable income growth rate is expected to reach 102%. Fixed investments are expected to grow by 3.3%. The export of goods and services is expected to increase by 6.3%. The key factors of Belarusian economic growth in 2022 will be increasing external demand, which is expected to add 1.8 percentage points to GDP growth, and a balanced increase in domestic consumption without undue pressure on the financial and foreign exchange markets. According to forecasts by the Ministry of Economic Affairs regarding the development of foreign markets, foreign exchange income could rise by 2.7 billion dollars. According to Roman Golovchenko, growth will primarily depend on higher exports from a physical point of view.

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