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Revenues of Uzbekistan’s state budget to increase by 42% by year-end

Business Materials 30 November 2019 11:57
Revenues of Uzbekistan’s state budget to increase by 42% by year-end

BAKU, Azerbaijan, Nov. 30

By Fakhri Vakilov - Trend:

The Senate of Uzbekistan’s Parliament approved the law "On the State Budget of Uzbekistan for 2020" at a meeting on Nov. 30, Trend reports citing Uzbek media.

In 2020-2022, real GDP growth rates are projected at 5.5 percent - 6.2 percent. In 2020 and the next two years, inflation is expected to decline from 15.5 percent in 2019 to 9.5 percent in 2022.

In 2020, it is planned to ensure the revenue part of the budget in the amount of 20 percent of GDP or $13.5 billion, expenditures - $13.8 billion. According to Finance Minister Zhamshid Kuchkarov, by the end of 2019, state budget revenues will amount to $11.8 billion or 42 percent more than last year.

The consolidated budget for 2020 is planned with a deficit of $358.2 million, or 0.5 percent of GDP. The total fiscal balance, taking into account the consolidated budget and expenditures on government programs due to external debt, will amount to $1.8 billion (2.7 percent of GDP).

The maximum size of state external debt in the budget for 2020 is at the level of $4 billion.

The state budget of Uzbekistan for the first time is fixed by law, which regulates the procedure for consideration and adoption of the budget of Uzbekistan's Karakalpakstan, local budgets of regions and the city of Tashkent, budgets of districts and cities and income distribution of budgets of the budget system of Uzbekistan in 2020.

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