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NEWS

Uzbekistan has no plans to increase 2016 budget deficit

en.trend.az
30 October 2015

The deficit of the state budget of Uzbekistan for 2016 is planned at 2.2 trillion soums, or 1 percent of projected gross domestic product (GDP), the revenues of the state budget - 40.5 trillion soums (18.4 percent of GDP), expenditures - 42.7 trillion soums (19.4 percent of GDP), said the report released on the website of the Legislative Chamber of Oliy Majlis (Parliament of Uzbekistan).

On Oct.29, the parliamentary committee on budget and economic reforms considered the draft budget at its meeting.

The parameters of the state budget and the budgets of the trust funds were designed considering the 7.8 percent GDP growth projected for 2016, 8.2 percent growth of industrial production, 6.1 percent growth of agriculture production, 9.6 percent growth in volume of capital investments.

“As a result of implementing the measures envisaged in the concept of tax policy for 2016, the tax burden on the economy will decrease from 20.7 percent in 2015 to 19.1 percent,” said the report.

Of the total volume of budget expenditure it is planned to allocate 59.2 percent of budget expenditures on social spending against 58.7 percent expected at late 2015. The costs of education are planned in the amount of 6.8 percent of GDP, while the costs of health care system will be 2.8 percent.

Expenditures on economy are envisaged in the amount of 2.1 percent of GDP, centralized investments financed from the state budget will amount to 1 percent of GDP.

Revenues and expenditures of public trust funds for 2016 were identified in the amount of 23.4 trillion soums.

It was earlier reported that the state budget of Uzbekistan for 2015 was approved by the parliament with a deficit of about 1.8 trillion soums, or 1 percent of the projected GDP, with revenues at the level of 36.2 trillion soums (20.2 percent of GDP) and expenditures worth 38 trillion soums (21.2 percent of GDP).