Vauleo-Buryatia unveils new budget

[Imperator Azenquor]

BCNA: Vauleo-Buryatia releases new budget

“Today, the Ministry of Finance unveiled the government’s Fiscal budget for the next financial year. For the most part, the budget remained within government targets and in line with the fiscal policies of the Trubachev led government. There were significant increases in military spending, national security and the yearly contribution to the National Strategic Reserve.

Military spending increased from 9% of GDP to 13% of GDP, while the National Reserve contribution rose from 14% to 18%. Also noteworthy, was a decrease in spending on education from 23% to 16% of GDP. The Finance Ministry also announced that the National Reserve now stands at a whopping B$ 1.13 trillion this fiscal year. Plans to increase the percentage of gold in the National Reserve from 20% to 37% in four years are said to be on target.

Analysts expect military expenditure to reach a new high of 20% of GDP sometime in the next four to eight years. It is also expected that GDP will continue its upward trend from its current value B$1.57 trillion. The government has set a GDP growth target of 7.2% for the first two quarters of the next fiscal year.

The Buryatian Stock Exchange closed up 3700 points near to the 40,000 point mark. It is believed that the increase was due partly to increased oil and gas revenues from the Buryatian East Asia Co., and partly by the Fiscal numbers released by the government this morning.”-Reporter

***Classified***

3% of the funding allocated to Police/National Security is actually allocated to military expenditures

Edited November 25, 2009 by Imperator Azenquor

[JEDCJT]

"A dollar spent on the military is a dollar not spent somewhere. This could lead to potential economic stagnation. Unless, of course, you have an extensive military industry base."