The state budget of Uzbekistan for 2024 is based on a GDP growth of 5.6-5.8%

A draft law "On the State Budget of the Republic of Uzbekistan for 2024" and a Budget message were submitted to the committees of the Legislative Chamber of the Oliy Majlis of Uzbekistan on October 31 this year. The draft State Budget for 2024 and the budget goals for 2025-2026 were developed based on the forecast of the main macroeconomic indicators. 

The draft law "On the State Budget of the Republic of Uzbekistan for 2024" consists of 17 articles and 11 appendices defining the main parameters of the country's State Budget for the coming year.
Among the main directions of fiscal policy for 2024-2026 are defined:
• non-excess of the consolidated budget deficit from four percent of GDP in 2024 and three percent of GDP in 2025-2026;
• reducing the budget deficit will serve to regulate the growth of aggregate demand in the economy and, in turn, reduce the negative deficit of the foreign trade balance and inflationary pressure;
• keeping the main tax rates unchanged in the medium term;
• gradual harmonization of tax and budget policy with the requirements of the World Trade Organization;
• taking all measures to avoid raising the public debt from the macroeconomic safe level of 60 percent relative to GDP, while not exceeding 50 percent relative to GDP in the medium term;
• step-by-step full implementation of the "result-oriented budget" system when forming the annual budget;
• ensuring the priority of spending on the development of human capital and strengthening the targeting of social protection;
• increase of wages and pensions not lower than inflation;
• ensuring the openness of the State Budget and further increasing the participation of citizens in its formation;
• improvement and strengthening of internal control and internal audit in the public sector;
• reflection of national Sustainable Development Goals in the preparation and consideration of the draft State budget;
• gradual implementation of the principles of "green" budgeting, ensuring the priority of environmental and environmental measures, adaptation to climate change, as well as measures to reduce water consumption and its economical use;
• optimization of budget expenditures in all areas with the direction of the saved funds for highly efficient socio-economic activities.
Next year, the growth rate of Uzbekistan's gross domestic product (GDP) is projected at 5.6-5.8 percent, while the volume of industrial production will grow by six percent, construction work - by 6.3, agriculture - by four and market services - by 14.9 percent.
It should be emphasized that forecasts are made taking into account the priorities and tasks provided for by the Strategy "Uzbekistan - 2030" and National Goals and objectives in the field of sustainable development for the period up to 2030. These priorities were also outlined at a video conference to discuss the main directions of the State Budget for 2024 and tasks requiring solutions in industries and regions, which was held under the chairmanship of President Shavkat Mirziyoyev on October 20 this year. During the meeting, the reserves and opportunities available in each sphere, industry and region for increasing State budget revenues and optimizing expenditures were thoroughly analyzed. First of all, specific tasks have been set to reduce the cost of production in industry by reducing costs in large industries. For example, it is estimated that in the fourth quarter of this year, the costs of 349 large industrial enterprises can be reduced by 2.1 trillion soums. In order to continue this work systematically, the Government has been instructed to develop a program to reduce costs in large industries by 15-20 percent next year.
According to the draft law on the State Budget, which meets the goals of the Strategy "Uzbekistan - 2030", it is planned:
• to double the economy by 2030 and enter a number of countries with incomes above average;
• increase the volume of GDP to $ 160 billion and per capita income to four thousand dollars;
• by ensuring an increase in the volume of investments in fixed assets by an average of seven percent per year in the next seven years, to master more than $ 250 billion and attract more than 110 billion foreign investments, and by 2030 to increase the annual export volume to $ 45 billion based on other key objectives.
In 2024, the forecast of consolidated budget revenues is 375 trillion soums, and expenditures - 427.5 trillion (the official exchange rate of the Central Bank of the Republic of Uzbekistan on 07.11.2023: $1 =12270 soums), the consolidated budget deficit is 52.5 trillion soums, or 4 percent of GDP.
In addition, State Budget revenues amount to 270.6 trillion soums, expenditures - 312.8 trillion, taking into account transfers to state trust funds.
Revenues and expenditures of state trust funds (excluding inter-budget transfers) are planned in the amount of 55.4 trillion soums and 86.8 trillion, respectively.
In 2024, the social orientation of budget expenditures will also be maintained. Thus, 48 percent of the total expenditures of the State budget, or 151.4 trillion soums, are planned to be allocated for the development of education, healthcare, social protection, science, culture and sports, housing for those in need and other social activities. At the same time, it is planned to allocate 102.5 trillion soums for the development of human capital, which is 13.5 trillion soums more than in 2023. Of these, 56.4 trillion soums are allocated for preschool and school education, 12.7 trillion for the development of the personnel training system, and 33.4 trillion for healthcare. 18.6 trillion soums are allocated for the total expenditures on social protection of the population, of which 10.3 trillion are payments of child allowances and material assistance to low-income families.
In the draft State Budget for 2024, by doubling the volume of centralized investments in secondary schools, it is planned to create 170 thousand new educational places and reduce the shift ratio, 4.1 trillion soums are provided for these purposes.
Next year, funds in the amount of 53.1 trillion soums will be allocated from the State Budget for the implementation of state programs and measures adopted in accordance with the decisions of the President and the Government.