Tashkent, Dec 5 /Trend D.Azizov/
The Senate of the Uzbekistan Parliament has approved the state budget-2012 showing a deficit of 966.5 billion soms, or one per cent of the forecasted GDP which has been approved by the The Legislative Chamber of Oliy Majlis (lower house of parliament).
Budget revenues will amount to 20 trillion 393.9 billion soms (21.1% of GDP), expenditure will be 21 trillion 360.4 billion soms (22.1% of GDP) of which there will be a deficit of 966.5 billion soums.
Deputy Prime Minister and Minister of Finance Rustam Azimov said that the parameters of the state budget are designed in accordance with a planned GDP growth of 8.2 per cent, industrial output by 8.6 per cent, agricultural production by 5.8 per cent, increasing the volume of capital investments by 9.3 per cent for 2012.
"The Budget deficit will be covered by the free fund balances of the national budget for the beginning of 2012 and by other non-inflationary sources "Mr Azimov said.
He noted that the application of incentives in Government tax policy in 2012 will reduce the tax burden on the economy by 0.7 per cent.
The main expenditure of 58.6 per cent compared to 58.5 per cent a year earlier will be directed to the social sector (health, education, culture, sports and social welfare).
The budget for 2011 was approved by the Parliament of Uzbekistan in early December 2010 with a deficit of one per cent of GDP, revenues of $16 trillion 178.6 billion soms (20.9 per cent of GDP) and expenditure 16 trillion 991.1 billion soms (21. 9 per cent of GDP).
The official exchange rate on December 5 is 1780.22 soms / $1.