Uzbekistan approves state budget for 2021

Finance Materials 28 December 2020 11:15 (UTC +04:00)
Uzbekistan approves state budget for 2021

BAKU, Azerbaijan, Dec. 28

By Klavdiya Romakayeva - Trend:

Among the first-tier budget managers (ministries and departments), the largest financing will be allocated to the Ministry of Finance, amounting to 52.8 trillion soums ($50.4 billion), and the Ministry of Public Education, amounting to 21.9 trillion soums ($2.09 billion), Trend reports referring to the Legislative Chamber of Uzbekistan.

President of Uzbekistan Shavkat Mirziyoyev on December 25 signed the law on the state budget for 2021. The document was passed by the Legislative Chamber on December 1 and approved by the Senate on December 18.

According to the document, state budget revenues for the next year are projected at 147.2 trillion soums (14.1 billion), expenses - 149.5 trillion soums ($14.3 billion). The budget deficit was approved at 17.3 trillion soums ($1.65 billion).

At the same time, the country's gross domestic product in the coming year is projected at 688.9 trillion soums with an increase of 5.1 percent. Inflation by the end of 2021 is expected to be in the range of 9-10 percent.

In addition, the growth rates of industrial production should be 5.8 percent, production in agriculture, forestry, and fisheries - 3.5 percent, retail turnover - 5.9 percent.

It was noted that the amount of public debt will not exceed 60 percent in relation to GDP. The maximum volume of new agreements on attracting internal and external borrowing on behalf of the government of Uzbekistan or under its guarantee has been approved at $5.5 billion.

The main source of income for the republican budget will be a value-added tax (VAT) - 46.9 trillion soums ($4.48 billion), income tax - 26 trillion soums ($2.48 billion), and tax on the use of mineral resources - 12.9 trillion soums ($1.23 billion).

The law also approved new minimum rental rates for individuals leasing property, as well as retail and vehicle fees (unchanged).


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