Tashkent, Uzbekistan (UzDaily.com) - A meeting of the Committee on Budget and Economic Reforms of the Legislative Chamber of the Oliy Majlis was held, which was dedicated to ensuring macroeconomic stability and reducing inflation in 2020.

At the meeting, held in the format of video-conferencing, information of the Ministry of Economic Development and Poverty Reduction and the Ministry of Finance about the work done to ensure macroeconomic stability and reduce inflation in 2020 considered.

In this direction, the Legislative Chamber of the Oliy Majlis is scheduled to hear quarterly information from relevant ministries and organizations. This practice is a new direction in its activities.

The information of the Ministry of Economic Development and Poverty Reduction provides information on measures taken to maintain macroeconomic stability and prevent a sharp decline in growth rates in sectors and spheres of the economy in a pandemic.

Deputies emphasized that in the current period of testing, when there is a possibility of exacerbation of the poverty problem in our country, the ministry needs to take systematic measures to eliminate it.

It is noted that the urgent issue of today is the acceleration of the implementation of the tasks set for the Ministry, in particular, on the development of a poverty-oriented strategy for poverty reduction taking into account the interests of the population.

The deputies also focused on the fact that in the first quarter of this year, investment, foreign trade and exports fell not due to a pandemic, but a number of other factors that the ministry needs to comprehensively and deeply analyze.

During the discussion, proposals and recommendations were given on the implementation by the ministry of urgent tasks, aimed at further reducing the share of the “shadow economy” and counteracting the factors contributing to its emergence.

The information of the Ministry of Finance reflects its systematic work on increasing the revenues of the State budget, identifying and mobilizing resources in a pandemic.

It was noted that the fulfillment of forecast indicators for budget revenues ensured the timely payment of funds financed from this source for wages, benefits and social payments.

Deputies paid attention to the implementation of part of the state budget revenues, the full financing of all expenses, the sources of covering the budget deficit for the period from the beginning of this year. The full implementation of the indicators for the first quarter of this year is mainly related to the delivery of financial reports at the beginning of the year based on the results of the last year. However, in the second and other quarters of this year, there is a risk of a budget deficit due to a decrease in entrepreneurial activity, a break in the global production chain and trade relations, which requires the adoption of extraordinary measures to prevent it.

The urgent task of this day is the need to reduce the negative impact of the coronavirus pandemic on the socio-economic situation in the country, minimize its impact on human health, maintain stability in the activities of key sectors and gradually restore economic activity.

At the end of the meeting, an appropriate decision was made.