Today, on Thursday, the Senate of Oliy Majlis approved the state budget with 4.5 trillion sums of deficit (by 1,1% of the GDP) in 2019. This week, the draft budget approved by the parliament’s legislative chamber was presented by the Deputy Prime Minister, Minister of Finance Jamshid Kuchkorov.
State budget parameters were approved taking into account the growth of GDP by 5.4% in 2019 and inflation at 15.5%.
Budget revenues are expected to reach 24.2% of GDP (102.6 trillion sums) and expenditures - 25.3% of GDP (107.4 trillion sums).
This year, for the first time, Uzbekistan’s state budget and macroeconomic indicators have been forecasted for the next three years. It is planned to reduce the budget deficit to 0.1% of GDP in 2020-2021. Short-term state bonds worth 3 trillion sums will be issued to recover it.
The government predicts the growth of GDP by 6% in 2020, by 7% in 2021 and decline of the inflation rate by 12.6% and 9.9% respectively.
Uzbekistan’s budget for 2018 was approved with a surplus of 0.02% in December last year. In the autumn, the government has changed its parameters and predicted 1.2% deficit, GDP growth – 5.2% and inflation – 18.8%.