Uzbek budget code to be put into effect in 2014

Tashkent, Uzbekistan, Dec. 30

By Demir Azizov - Trend:

The Uzbek budget code will be put into effect on Jan.1, 2014 as an experiment. It will be tested during 2014-2015, the law on approval of the Uzbek budget code signed by President Karimov said on Saturday.

The law was published in the Uzbek media on Friday.

According to the law, the Uzbek Cabinet of Ministers was charged with constant and comprehensive monitoring and analysis of the practical operation and effectiveness of the new code norms in 2014-2015.

If necessary, the code will include the proposals for its improvement.

The Uzbek budget code will become effective as the final legal document from Jan. 1, 2016.

It was previously reported that the budget code envisages systematization of the budgetary process (state budget formation, approval, implementation and control) in a unified legislative document, using of common regulatory principles of the state budget and extra-budgetary trust funds, defines the powers of all participants in the budget process and mechanisms of their interaction.

The code defines a number of additional areas, sources and a mechanism of implementation which are directly related to the state budget.

The law on approval of the Uzbek budget code was adopted by the legislative (lower) chamber of the Uzbek parliament in late November 2013 and approved by the Senate in December.

Translated by NH
Edited by CN