In Belarus, they saw the budget revolution

In Belarus, a “parallel budget” is being formed thanks to the president’s reserve fund, which is planned at 1.2 billion Belarusian rubles (about 500 million euros) for 2018, which is twice as much as in 2017. This is written by Deutsche Welle.

Economist Dmitry Ivanovich noted that similar funds are envisaged not only with the head of state, but also in the subjects. In some cases, their volume is comparable with the regional treasury. The expert drew attention to the fact that the costs of such funds are not transparent, and described the current situation as a quiet budget revolution.

Funds, as explained in the Ministry of Finance of Belarus, will be replenished at the expense of extra-budget revenues of local budgets, and spending will be made by the president’s decision. Thus, the promised growth of salaries of state employees was transferred under the personal control of Alexander Lukashenko.

At the same time Ivanovich doubts that the Belarusian government will be able to achieve an increase in the average salary to a thousand rubles (29.2 thousand Russian rubles). The economist pointed out that the population is actively buying up foreign currency, which jeopardizes the stability of the Belarusian ruble.

The parliament noted that priority in the budget for the next year was given to the siloviki and structures of the presidential administration. Thus, when adjusting the main financial document of the republic, the items of expenditures for the KGB and the State Control Committee were not affected, but all other articles were cut by about 10 percent.