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How to maintain a balanced budget and social benefits

27.05.2020

How to maintain a balanced budget and the budget of the Social Insurance Fund, for the state continues to pay salaries, benefits and pensions. The legislative initiative was developed by a group of deputies. Today, the Committee on Economic Policy, Budget and Finance considered legislations on introducing amendments and addenda to the laws “On the Republican Budget 2020” and “On the Budget of the Unified State Social Insurance Fund for 2020”.

The necessity to amend the law on the republican budget appeared due to negative events for the economy. This is the devaluation of the Russian ruble, quarantine measures due to the coronavirus pandemic, the shutdown of enterprises and the closure of borders in Europe, and then in Pridnestrovie, the loss of the crop because of drought and frost. All this leads to lower revenues of the republican and local budgets.

It is proposed to redistribute funds for financing social obligations from the Investment Fund, as well as direct them to cover the deficit by reducing or suspending the financing of some targeted programs and other items.

Today, these legislations will be considered in the first reading in the course of the plenary session. By the second reading, the profile committee will conduct joint work with all ministries and departments in order to work out a common decision in each direction and for each article of the spending of the republican budget.