In particular, gross domestic product (GDP) is projected to grow by 6 percent next year. At the same time, according to forecasts, the planned GDP growth rates will be achieved by increasing production in industry by 6.1 percent, agriculture by 4.1 percent, and market services by 14.5 percent. The goal is to achieve these development indicators through the qualitative continuation of the structural reforms initiated in each area.
It is emphasized that the medium–term forecast parameters of the state budget and the draft budget for 2025 have been developed in accordance with the goals and objectives outlined in the strategy "Uzbekistan - 2030".
Among the main directions of fiscal policy in the medium term is not to exceed the consolidated budget deficit by more than 3% relative to GDP in 2025-2027. They also include maintaining the basic tax rates unchanged; expanding the budget revenue base, reviewing and gradually abolishing, depending on the effect and result of tax and customs benefits provided; gradually bringing fiscal policy in line with the requirements of the World Trade Organization; increasing wages and pensions by at least the inflation rate, and others.
The draft indicates that the revenues of the state budget for 2025 are set at 308.5 trillion soums, and expenditures - 344.6 trillion soums.
Revenues of state trust funds (excluding inter-budgetary transfers) are planned to amount to 66.5 trillion soums, and expenditures - 117.2 trillion soums. At the same time, the state trust funds provide for the allocation of 54.4 trillion soums from the republican budget. In particular, it is planned to transfer funds in the amount of 18.5 trillion soums from the state budget to the Off-budget Pension Fund, while the latter's revenues will amount to 58.9 trillion soums, and expenses - 74.9 trillion soums.
The Ministry of Finance noted that in accordance with international standards for public finance management, in order to increase and ensure the completeness of budget coverage, from 2021, planned expenditures on government programs due to external debt are included in the consolidated budget. In 2025, they are projected at the level of 18.8 trillion soums.
Taking into account these factors, the limit of the deficit of the consolidated budget of Uzbekistan in 2025 is set at 49.3 trillion soums, or at the level of 3 percent of GDP. In this regard, the deficit of the state budget and state trust funds is planned at the level of 32.4 trillion soums, which is 2 percent of the projected GDP.
The Ministry has published the full text of the bill for review.
