In recent years, the provision of sustainability of budgetary policy has been the focus of attention of the EAEU member states. The issues of cooperation of the member states of commonwealth in conducting macroeconomic policies were discussed at the business session “Efficiency of budgetary rules in the EAEU member states. Opportunities for development of the system of supranational budgetary rules.”
According to the director of the Department of budgetary policy and strategic planning of the Ministry of Finance of the Russian Federation Vladimir Tsibanov, the profitability of the oil and gas sector has increased quite significantly in recent years. It is known that a non-oil and gas export also showed high growth rates last year. Together with the budgetary rules, we managed to provide a reliable basis for the long-term economic growth.
Head of the Department of the macroeconomic policy of the Ministry of Finance of the Republic of Armenia Eduard Akopyan stated that a new flexible system of fiscal rules was developed. He noted the importance of technical support to the International Monetary Fund. “We have introduced new rules of expenses. For example, the golden rules of capital expenses in accordance with the thresholds of government debt. An adjustment mechanism has been developed to ensure full fiscal stability, ” — commented Eduard Akopyan.
As the Minister of Finance of the Republic of Belarus Maxim Ermolovich stated, the importance of the system is in the readiness of the Government to implement economic measures aimed at countercyclical policy. He explained that the budgetary rules themselves constitute the technical side of budgetary obligations.
The head of the Center for Macroeconomic Research of the Financial Research Institute of the Ministry of Finance of the Russian Federation Samvel Lazaryan specified the main results of the budgetary rules. Among them: reduction of the budget deficit, increasing of the countercyclicity of politics, macroeconomic stability, economic growth and lowering risk premiums on sovereign bonds.