Uzbekistan’s Ministry of Finance reveals strategy for transparency of state budget

Finance Materials 16 November 2020 11:20 (UTC +04:00)
Uzbekistan’s Ministry of Finance reveals strategy for transparency of state budget

BAKU, Azerbaijan, Nov. 16

By Klavdiya Romakayeva - Trend:

Uzbekistan has embarked on a comprehensive reform program to strengthen public financial management and ensure fiscal transparency, the Ministry of Finance of Uzbekistan told Trend.

The ministry said that the strategy aimed at increasing transparency and openness of budget data of Uzbekistan is divided into six main areas:

  • development of the foundations of medium-term budgeting and the introduction of a new system for the formation of an annual budget "based on results" to implement a strategic approach to fiscal policy;
  • increasing the institutional capacity and responsibility of participants in the budgetary process to ensure the reliability of macro-fiscal forecasts;
  • increasing the powers and accountability of budget managers and local governments in the field of the budget and strengthening their responsibility;
  • assessment of fiscal risks, accounting for financial assets and liabilities, as well as the implementation of an effective management system;
  • strengthening financial discipline by unifying budget reporting standards, improving the system of internal control and audit, as well as strengthening parliamentary and public control over the budget process;
  • ensuring transparency, completeness of budget information, and its compliance with international standards.

In addition, large-scale reforms are being designed and implemented to improve the coverage, accuracy, quality, and accessibility of budget reports, which according to the ministry, will help build credibility and confidence in public financial management and increase transparency, accountability, and public participation.

“For the fiscal policy to be successful, it needs to rely on a strategic and long-term understanding of how to best allocate scarce resources. This requires improved planning, macro stability, and a focus on efficiency and results. But without quality information (that is, transparency), the public financial management system cannot function and fiscal policy will not achieve its goals,” the ministry noted.

The ministry also outlined that to improve the budget literacy of the population and active participation of citizens in the budget process, measures are planned to expand the distribution channels for the information publication "Budget for Citizens" and mechanisms are being developed to use the potential of social networks and mobile applications to provide mechanisms for public consultation to identify the needs of the population for budget information.


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