Government Presents Uzbekistan’s Draft Budget for 2026

Tashkent, Uzbekistan (UzDaily.com) — The Ministry of Economy and Finance of Uzbekistan has presented the country’s draft budget for 2026.

The draft Law “On the State Budget of the Republic of Uzbekistan for 2026” was prepared in accordance with Article 29 of the Budget Code and includes forecasts for revenues and expenditures of the consolidated budget, state target and extrabudgetary funds, as well as the Fund for Recovery and Development.

The document also provides medium-term guidelines for 2027–2028 and outlines key macroeconomic indicators.

According to the draft, GDP growth in 2026 is projected at 6.6%, supported by an increase in industrial production of 6.4%, agriculture by 4.2%, and market services by 14.5%.

Medium-term budgetary indicators are aligned with the “Uzbekistan–2030” Strategy and foresee annual GDP growth of at least 6.5–7%, maintenance of the consolidated budget deficit below 3% of GDP, retention of current tax rates, introduction of a “green” tax, and implementation of gender- and environment-conscious budgeting principles.

State budget revenues for 2026 are projected at 368.9 trillion soums, with expenditures of 402.4 trillion soums, including interbudgetary transfers. Revenues of state target funds (excluding transfers) are expected at 78.2 trillion soums, with expenditures of 147.5 trillion soums.

The Pension Fund is planned with revenues of 64.7 trillion soums, expenditures of 86.1 trillion soums, and a 23 trillion soums transfer from the budget.

The draft budget sets a ceiling on the overall deficit at 3% of GDP, or 59.9 trillion soums, while the deficit of the state budget and funds is projected at 1.5% of GDP.

External borrowing is planned at 5 billion US dollars, of which 2.5 billion will support the budget and 2.5 billion will fund investment projects. The net issuance of government securities is set at 30 trillion soums, with the maximum ceiling for public-private partnership projects at 6.5 billion US dollars.

Transfers to local budgets from the republican budget are planned at 19.7 trillion soums. Part of the value-added tax (VAT) revenues will remain in local budgets: 5% in Tashkent and 20% in the regions, excluding major taxpayers.

Funding for academic lyceums, colleges, and technical schools will be shifted from local budgets to the republican level starting in 2026.

The draft Law contains 18 articles and 10 appendices, detailing sources of revenue, expenditure allocations by ministries and agencies, and funding for state programs. To inform the public, a publication titled “Budget for Citizens” has been prepared.