A special issue of the “Rossiyskaya Gazeta” dedicated to the Independence Day of Uzbekistan was published

Tashkent, Uzbekistan (UzDaily.com) -- On 30 August 2019, a special application of the Rossiyskaya Gazeta was released dedicated to the modern progress of the Republic of Uzbekistan, its capabilities in various fields, the current state and prospects for further development of the Uzbek-Russian strategic partnership. The publication was also dedicated to the next anniversary of state independence of the Republic of Uzbekistan, which is celebrated on 1 September.

The authors of the application noted the role of the Research Financial Institute (RFI of the Ministry of Finance of Russia) in the development of cooperation between Uzbekistan and Russia in the field of public finance management. The Institute provides expert and analytical support to the Ministry of Finance of the Republic of Uzbekistan in the framework of the implementation of the three-year Program of bilateral cooperation between the Ministries of Finance of the two countries.

“The Ministry of Finance of the Republic of Uzbekistan and the RFI of the Ministry of Finance of Russia presented and agreed on a program of bilateral cooperation between financial departments in the field of public finance management. So, joint work is already underway to improve the taxation of small and medium-sized enterprises and the mechanism for levying indirect taxes in our country. In 2020, the development of tools for analyzing and forecasting the economy should be completed, proposals for improving the pension system and improving budget planning, inter-budget relations and creating the concept of the budget rule will be formulated,” Bahrom Ashrafkhanov, Deputy Minister of Finance of the Republic of Uzbekistan, said.

Deputy Minister of Finance of the Russian Federation Sergey Storchak emphasized that, with the assistance of experts from the RFI of the Ministry of Finance of Russia, a procedure has been prepared for developing and approving the state budget.

“Formalization of the budget process is important both for the government of Uzbekistan and for other executive bodies of the republic. At the same time, projects are being implemented to improve reporting in the public sector and financial control procedures, which should increase the efficiency of spending budget funds, as well as limit the growth of debt obligations during the reform period. Work is underway to provide the Ministry of Finance of Uzbekistan with reliable tools for macroeconomic analysis and forecasting, including using complex economic and mathematical models of general equilibrium. Of course, it would be wrong to say that partnership in the financial sphere is limited only to the listed areas - the circle of mutual interests is expanding, and we see serious prospects for further increasing the scale of interaction,” Sergey Storchak said.