The Regime Has No Money
6- 20.10.2025, 15:52
- 5,378
The Ministry of Finance is planning a deficit budget for 2026.
Next year, state expenditures will be higher than revenues. The Ministry of Finance plans to finance the budget deficit at the expense of internal reserves. There is little hope for loans. Even Russia will not help. Especially since the loans, which Russia has already given, can't be fully utilized, writes planbmedia.io.
Planned deficit
Minfin believes that the budget deficit in the future will amount to Br4.3-4.5 billion, or about 1.5% of the Belarusian GDP. That is, about the same amount as planned for this year.
"We see that expenditures will be slightly higher than revenues," Finance Minister Yuri Seliverstov said in an interview with Belarusian TV. - Next year's budget will also be deficit."
But he believes there's no need to worry about it. During the previous fat years, the budget has accumulated reserves, which the Ministry of Finance plans to use to cover the difference between expenditures and revenues.
The Belarusian minister does not hope that foreign countries will help us. Attraction of loans to finance the budget deficit is not planned for the next year. Russia itself is unable to balance the budget, and there's no one else to hope for.
"We used to attract a lot of funds from international organizations: we repaired roads and other things, as long as these organizations were friendly to us. Today we attract resources from the Russian Federation," Seliverstov said.
But it doesn't work out well with Russian resources either. Because Russia has not been giving money for nothing for a long time. Russia gives money for specific projects. And the Belarusian authorities do not get along with specific projects.
Import substitution is stalled
Even in 2022, they promised their ally a large and diverse import substitution program. Under this program, Russia opened a credit line for 105 billion Russian rubles. But promising import substitution turned out to be much easier than doing it. According to Seliverstov, less than half of the allocated money has been utilized in three years.
"When all this was considered, we thought that it would be done faster and utilization would be at a greater pace," Seliverstov said. - The problem is that we don't want to just use them."
In fact, the Belarusian authorities would certainly not mind "just use them". Because for thirty years they have gained a rich experience in the development of Russian money. If they were allowed to "just use" this money, they might even save Russia a little. But this time it is not possible to "just use it".
It is necessary to "buy equipment that will allow us to make the goods that we buy from imports. But to buy this equipment, to install it, to teach people to work on it - it turned out to be more difficult than it may seem," Seliverstov said.
That is, the ally does not just want to know where exactly its money went. It also wants to have a result from this money in the form of promised import substitution. And most of the advanced Belarusian import substitution is simply assembled from Chinese parts. That is why exports to Russia do not work out, and the ally does not want to give money.
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