Fiscal policy measures, main economic revenue and expenditure areas of the consolidated budget of the Republic of Belarus in 2020
The current fiscal policy is aimed at achieving strategic socio-economic development goals of the Republic of Belarus, sustainable economic growth based on the main development priorities of the country, enhancing the quality of life and welfare of citizens while maintaining overall macroeconomic and financial stability.
The main fiscal policy measures include:
- maintaining balance and sustainability of the central and local budgets within existing revenues and sources of financing to cover the fiscal deficit;
- increasing social spending aimed at improving the quality of life of the population, the welfare of public-sector employees, and providing support for large families;
- concentrating budgetary funds in areas that ensure achievement of strategic goals of the country's socio-economic development in line with the program of socio-economic development;
- reducing state support for the real economic sector;
- optimizing public debt structure, including partial fulfillment of obligations to repay public debt from non-debt sources.
In order to concentrate fiscal expenditures in priority areas of socio-economic development and improve the efficiency of the use of budgetary funds, most of the planned expenditures in the consolidated budget for 2020 are allocated for financing state programs.
Twenty-one socio-economic programs are run by the Government and financed from the state budget in accordance with the approved list for 2016-2020 (in agreement with President of the Republic of Belarus). So are 16 science and technology programs, 12 national security programs and 12 research programs.
Financing is provided to the state programs that are instrumental in achieving the state policy goals.
The bulk of financing went to the following state socio-economic programs: Education and Youth Policy, Public Health and Demographic Security of the Republic of Belarus, Comfortable Housing and Supportive Environment, Business Promotion in Rural Areas of Belarus, Residential Housing Construction, Social Security and Employment Promotion, Culture of Belarus, Mitigating Consequences of the Chernobyl Nuclear Power Plant Accident, Innovative Development, The Belarusian Forest, Environmental Protection and Sustainable Use of Natural Resources, Cutting-Edge Technologies and Equipment, Digital Economy and Information Society, Energy Conservation, Small and Medium-Sized Enterprises in the Republic of Belarus, Pharmaceutical Industry and others.