Tashkent, Uzbekistan (UzDaily.com) -- On 19 December 2022, a regular meeting of the Legislative Chamber of the Oliy Majlis was held. Deputies considered the draft law “On the State Budget of the Republic of Uzbekistan for 2023”.

On the issue of the agenda, the reports of the Minister of Finance T. Ishmetov, Chairman of the Committee of the Lower House of Parliament on Budget and Economic Reforms Sh. Nazarov were heard.

In recent years, large-scale socio-economic reforms have been consistently implemented in the country. Today we see the results of the measures taken to ensure a prosperous life for the population, further strengthening the socio-economic potential of the republic. In this regard, the consideration and approval of budget indicators by Parliament is of particular importance.

It was noted that the draft law and budgeting envisages an increase in gross domestic product by 5.3 percent. In particular, industrial production is expected to grow by 5.1 percent, construction - by 6.0 percent, agriculture - by 3.5 percent, services - by 6.7 percent. In 2023, the country’s gross domestic product is expected to be 1,068.0 trillion soums, and state budget revenues - 232.1 trillion soums, or 21.7 percent of the gross domestic product.

Starting from 2023, the draft law sets the limit for the deficit of the Consolidated Budget to be no more than 3 percent of the gross domestic product.

It is predicted that state budget expenditures (including transfers directed to state special funds) amounted to 257.7 trillion soums, or 24.1 percent of gross domestic product, or 18.9 trillion soums more than the expected performance in 2022.

Also in 2023, the upper limit of the attracted external debt of the state will be US$4.5 billion. And the upper limit of the issue of domestic bonds is proposed to be set at 17.0 trillion soums.

It was emphasized that in order to increase budgetary accountability, the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan stipulates the introduction of a procedure for hearing periodic reports from ministries and departments on the use of budget funds allocated to them.

In addition, in order to ensure the balance of local budgets, it is planned to revise in 2023 the share of income tax and profit tax receipts, which will be transferred to the budget of Navoi, Tashkent regions and the city of Tashkent.

Prior to this, proposals and recommendations on the distribution of budget funds to ministries and departments, their use and increase in efficiency were discussed in the relevant committees and factions. Thus, answers were received to the questions raised by the deputies in the areas of healthcare, education, agriculture, culture and other areas. In particular, some reasonable proposals were taken into account in the process of improving the budget system.

At the meeting, after a heated discussion of the draft main financial document, Finance Minister T. Ishmetov, heads of relevant ministries and departments gave detailed answers to questions from parliamentary representatives.

The members of the faction also expressed their views on the draft state budget.