The basic scenario for Belarus is based on oil prices as low as $30-35 per barrel, BelTA learned from Belarusian First Deputy Economy Minister Alexander Zaborovsky before the session of the working groups of the Belarusian Economy Ministry and the Russian Economic Development Ministry on 22 April. The session was arranged for the sake of discussing tighter cooperation in coordinating the macroeconomic development scenarios of the two countries.
Alexander Zaborovsky noted: “Our colleagues in Russia use multiple scenarios. We do the same depending on how external factors evolve. We consider a series of scenarios, including conservative ones with oil prices as low as $25-30 per barrel. The basic scenario reads $30-35. It is the figures that we bear in mind for the sake of budget consolidation.”
According to the Belarusian First Deputy Economy Minister, the scenario where oil costs $30-35 per barrel is rather conservative yet it allows realistically assessing economic dynamics opportunities and pursuing the relevant budget policy. “If the market situation gets better, the window of budget capabilities will be larger. If the external state of affairs is worse, we will not have to greatly reduce investments, budget spending and so on.”
Alexander Zaborovsky believes that the balanced policy allows responding to external challenges, however, internal growth factors must be sought all the time. “We should work together to find the economic policy instruments that would help us make economic growth more stable,” he summed up.
Written by belta.by
