Belarus drafts 2023 budget with deficit of $1.3 bln

MINSK. Nov 30 (Interfax) - The Belarusian government has drafted a 2023 national budget with a deficit of 3.17 billion rubles Belarus rubles or $1.3 billion at the current rate.

The draft budget was posted on the national legal information website.

The deficit will widen from 11.6% from this year's targeted 2.84 billion rubles

Budget spending is due to rise 19.1% to 36.54 billion rubles and revenue 19.9% to 33.36 billion rubles.

The draft budget sees a radical change in sources of financing for the deficit, with 6.09 billion rubles from internal sources, chiefly leftover budget funds of 4.53 billion rubles, up 60%, and domestic borrowing of 1.38 billion rubles.

Tax will generate 22.37 billion rubles of revenue, and grants from foreign countries 5.43 billion rubles. Spending on national interests will rise 15.4% to 17.89 billion rubles, public debt servicing 15.9% to 4.08 billion rubles, national defense 50% to 2.77 billion rubles and law and order 30% to 4.07 billion rubles.

The government is budgeting 12.61 billion rubles or $5.17 billion for foreign repayment and servicing, including 9.49 billion rubles principal and 3.12 billion rubles interest, with 5.78 billion rubles to repay sovereign credits.