Positive Changes in Economy

The expanded meeting Committee on Budget and Economic Reforms of the Legislative Chamber of the Oliy Majlis considered the report on the execution of the State budget and the budgets of state trust funds in 2015 and the first quarter of 2016.

The earlier meetings of political parties’ factions and the deputy groups of the Ecological Movement of Uzbekistan have previously discussed the report of the Cabinet of Ministers on this issue.

At the end of 2015, the GDP grew by 8%, industrial production - by 8%, agriculture - 6.8%, the volume of construction works - by 17.8%, retail trade turnover increased by over 15% and paid services - by 10.8%.

As emphasized by the participants of the meeting, as a result of an active investment policy and modernization of leading branches of economy in 2015, 67.1% of all investments were channeled to industrial construction. This made it possible to complete the construction and to turn over for operation 158 large industrial facilities fitted out with modern technological equipment.

More than 980 thousand jobs were created within the framework of the employment program.

Deputies emphasized that the share of small businesses and private entrepreneurship in the GDP has grown from 31% up to 56.7% since 2000. Today this sector of economy produces a third of the overall industrial and 98% of agricultural output. The sector employs more than 77% of the employed population.

Due to complex measures for the development of the economy in 2015 the state budget has been executed with a surplus. The rate of inflation has not exceeded the established forecast indicators.

“The implementation of program measures has ensured the achievement of positive changes in the economy of the country in the first quarter of 2016,” says the Committee member E. Tulyakov. “Thus, the GDP volume has grown up by 7.5%, industrial production - by 7%, including the volume of agricultural production - by 6.7%. At the same time further strengthening of macroeconomic stability was accompanied by low inflation rate within the projected parameters. The state budget was executed with a 0.1% surplus of the GDP.”

The parliamentarians stressed that despite the sharp decline in demand and increased competition in global markets the effective measures undertaken in Uzbekistan to stimulate export-oriented enterprises and provide them with all necessary support in the promotion of their output had contributed to the growth of export volumes and achievement of positive trade balance. 583 enterprises have been drawn into export activities since the beginning of the year and 95 types of new products have been delivered for export.

At the same time, the attention of parliamentarians was drawn to some of the issues related to the misuse of budgetary funds. In particular, during the period under review some individual budget organizations used inefficiently their resources and financial wrongdoing cases have been reported.

Parliamentarians expressed their practical proposals on further raising the responsibilities of the ministries, departments and khokimiyats to ensure the productive and targeted use of allocated budget funds, securing observance of financial discipline in the budgetary organizations and further strengthening controls over the execution of the Budget Code provisions.

The meeting passed a decision on the introduction of the report on execution of the State budget and the budgets of state trust funds in 2015 and the first quarter of 2016 for consideration of the Legislative Chamber.

Source: Jahonnews.uz