BAKU, Azerbaijan, Aug. 26
By Ilkin Seyfaddini - Trend:
Uzbekistan plans to improve public finance management system using best international practices, Trend reports with reference to Norma.uz information and legal portal.
The strategy of improving the system of public finance management of the Republic of Uzbekistan for the period from 2020 through 2024 was approved by the resolution of the Cabinet of Ministers.
The strategy combines in one document specific goals, tasks and main directions of conducted and planned reforms in the field of state finances.
It was developed on the basis of the analysis of the current budget system conducted by the World Bank in 2018 by the Public Expenditure and Financial Accountability methodology (PEFA), the results of the evaluation of the effectiveness of public finance management, as well as diagnostic assessments of fiscal policy transparency in the International Monetary Fund’s Code of Transparency.
A number of measures have been implemented to improve the public finance system in Uzbekistan.
Data on the execution of the State Budget will be published in accordance with the IMF State Financial Statistics Standards (GFS).
The Strategy defines six main directions for further improvement of public finance management system of Uzbekistan for the period from 2020 through 2024:
- Development of the medium-term budgeting framework and introduction of a new result-oriented annual budget system;
-Strengthening institutional capacity and ownership of budget process participants to ensure the reliability of macro-fiscal forecasts;
- Increasing the authority and accountability of budget administrators and local authorities in the budget area and strengthening their responsibility;
- Assessment of fiscal risks, accounting for financial assets and liabilities, as well as implementation of an effective management system;
- Strengthening financial discipline by unifying budget reporting standards, improving the internal control and audit system and strengthening parliamentary and public control over the budget process;
- Ensuring transparency, completeness of budget information and its compliance with international standards.
The decision also approved the action plan for implementation of the Strategy.