12:06 / 27.08.2020
Uzbekistan to optimize public finance management system

The Cabinet of Ministers has approved the strategy to improve the public finance management system of Uzbekistan in 2020-2024.

The document was adopted in accordance with the presidential decree on measures to ensure the implementation of the law “On the State Budget of Uzbekistan for 2020”.

The strategy consolidates the specific goals and main objectives of ongoing and planned reforms in the field of public finances. It is based on the analysis of the current fiscal system conducted by the World Bank in 2018 on the PEFA methodology, the results of assessing the effectiveness of public finance management, as well as diagnostic assessments of fiscal transparency within the framework of the IMF Transparency Code.

The strategy identifies six main areas for further improvement of Uzbekistan’s public financial management system in 2020-2024:

•  Development of a medium-term budgeting framework and introduction of a new results-based annual budget system;
•  Strengthening institutional capacity and accountability of budget stakeholders to ensure the reliability of macro-office forecasts;
•  Increasing the authority and accountability of budget managers and local self-government bodies, strengthening their responsibility;
•  Assessing fiscal risks, accounting for financial assets and liabilities, and implementation of an effective management system;
•  Strengthening financial discipline through unifying budget reporting standards, improving internal controls and auditing, and strengthening parliamentary and public control of the budget process;
•  Ensuring transparency, completeness of budget information and its compliance with international standards.