OREANDA-NEWS. November 12, 2012. Approved by both chambers of the Belarusian parliament, the government’s budget plan for 2013 was signed by President Alexander Lukashenko, the president’s press-service reports.

According to budget plan, revenues and expenditures of the state budget are seen at Br121.72 trillion (USD 14.3 billion at the central bank’s rate), which is 26.1% more than the 2012 budget plan.

The budget plan for 2013 has been made on the assumption that the average annual rate of the ruble will stand at Br8,950/USD 1 against the dollar.

The major sources of tax revenues of the republican budget next year will be VAT proceeds, excises, proceeds from foreign economic activities.

One of the novelties of the 2013 budget plan is that the government’s innovation funds will be formed at the expense of the profit tax payable by entities.

The 2013 budget plan gives priority to sustainable economic development, honours the government’s domestic and external liabilities, maintained social security standards.

The budget will traditionally have a pronounced welfare bent, said Finance Minister Andrei Kharkovets, who presented the budget bill in parliament.

“We have planned a 7% increase in the real salary for public sector employees. The budget also provides for investments into the public sector,” the minister said.

The finance minister informed that the budget plan had been developed with the USD 500 average salary target in mind.

The budget plan is based on a macroeconomic forecast, which sees next year’s GDP growth at 8.5%, inflation – 12% (December 2012 on December 2013).