Draft Budget Code discussed in Uzbekistan

Business Materials 26 October 2013 16:40 (UTC +04:00)

Uzbekistan, Tashkent, October 26/ Trend D.Azizov /

The bill "On approval of the Budget Code of the Republic of Uzbekistan" is being discussed in the Legislative Chamber of the Oliy Majlis (lower house of the Uzbek parliament), the introduction of which is scheduled for January 2014, the information service of the lower house of the Uzbek parliament said on Friday.

According to the information service, members of the Legislative Chamber conceptually supported the bill in the first reading.

The main aim in preparing this bill is to work out a single legislative act regulating the budget process and allowing to eliminate the existing contradictions in practice and outdated norms, as well as systematization of norms, provisions, authorities of participants of the budget process already operating in practice.

Currently the main laws regulating the budget process in Uzbekistan are the law "On budget system" and the law "On treasury execution of the State Budget".

In addition, the issues of preparation, review and execution of the state budget are regulated by over 50 normative legal acts which lead to the inconvenience of the legislative base and complicate the regulation of the state finances system.

The Budget Code is designed to systematize the legislative acts and to form a uniform legal framework of the budget process, to bring the budget legislation in line with international norms and rules.

The Budget Code will also increase the self-reliance and responsibility of all levels of the state power, as well as ensure the effectiveness and transparency of governing the state finances.

The draft Budget Code reflected the ongoing reforms in the financial system, including switching to treasury execution of the budget, the introduction of a new budget classification, program budgeting, accounting and reporting, methods consistent with international practice on prognosis and ensuring the execution of the budget were improved.