Mechanisms in place to compensate for Belarus budget losses caused by falling oil prices

11.12.2014

Mechanisms are available to compensate for the losses of Belarus’ state budget caused by falling oil prices, BelTA learned from Belarusian Finance Minister Vladimir Amarin on 11 December.

The budget bill expects oil to sell at $83 per barrel. “If reality gets worse than that, we have mechanisms in place to compensate for that,” noted the Finance Minister.

“We understand that the oil price is lower than that but nobody can say what the oil price will be in 2015,” said Vladimir Amarin.

BelTA reported earlier that in 2015 Belarus’ state budget is expected to earn over $2 billion in oil export duties. The money will be spent on repaying the foreign-currency state debt.

Tags: energy industry

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