Uzbekistan’s State Budget for 2021 approved

At the 10th plenary session of the Senate, the laws “On the State Budget of Uzbekistan for 2021” and “On amendments and additions to some legislative acts in connection with the improvement of the budget process” were discussed.

It was noted that the law “On the State Budget of Uzbekistan for 2021” sets out the main macroeconomic indicators and forecasts of the consolidated state budget for next year, as well as budget targets for 2022-2023.

The main directions and indicators of macroeconomic policy are based on the assumption that the coronavirus pandemic will continue in the coming year.

The main focus is paid on maintaining macroeconomic stability, moderating fiscal stimulus measures, and ensuring that economic growth rates exceed 5 percent.

The downward trend in inflation is expected to continue and will be around 10 percent next year.

These development indicators are expected to be achieved through the qualitative continuation of the structural reforms initiated in each area.

Based on the above, the consolidated budget revenues in 2021 are projected at 178.5 trillion soums or 25.9 percent of GDP.

Revenues of the state budget are set at 147.2 trillion soums or 21.3 percent of GDP. Revenues of state trust funds are expected to reach 26.2 trillion soums and expenditures – 40.8 trillion soums.

It is also planned to allocate 15.9 trillion soums from the republican budget to state trust funds.

In particular, the Off-Budgetary Pension Fund’s revenues are projected at 23.5 trillion soums and expenditures – 36.5 trillion soums. It is also planned to allocate 14.7 trillion soums from the budget to the fund.

Additionally, it is planned to allot 34.6 trillion soums from the state budget for education, 19.6 trillion soums – for healthcare, 2.6 trillion soums – for culture and sports and 1.2 trillion soums – for further development of science.