No money: Government cuts budget expenditures

The Belarusian authorities will cut budget expenditures due to lack of money.

The initiative was proposed on October 9 at a meeting with Lukashenka to discuss current issues of the country's social and economic development, the press service of the head of state reports.

Top officials of the government and the National Bank reported about main approaches in the social and economic development for the end of 2013 and 2014. “They are based on balanced development, worthwhile lending to the economy, and quality improvements,” the press release says.

Minister of finance Andrei Kharkavets spoke about reducing budget spendings, STV channel reports.

“We observe a significant shortfall to the state budget due to the worsening situation in the international market. The government and the ministry of finance have revised the budgetary policy for the end of the current year. We propose to impose some restrictions on financial expenditures,” he said.

Lukashenka approved the approaches and noted that responsibility for fulfilment of the programme rested with the government and the National Bank.

The head of state heard reports on the expected results of the budget implementation for 2013 and approaches to the preparation of the budget for next year. The government revised the budgetary policy and proposed a number of restrictions on expenditures due to worsening conditions in the foreign market, but the restrictions won't affect top-priority payments vital for maintaining living standards and the operation of the public sector.

“The head of state supported the tough approaches proposed as part of the budgetary revision. Lukashenka pointed at the necessity of saving money on a large scale and creating a more effective budget.” the press service informs.

The draft budget for 2014 is soon expected to be introduced to the ruler.