In January-March 2024, the Uzbekistan’s state budget deficit surpassed 19.8 trillion soums (US$ 1.56 billion at the Central Bank exchange rate as of April 4), the Ministry of Economy and Finance said in a report.
This is a record figure for at least 12 years. This is also ин 1.7 times more than in the Q1 of 2023, and almost 20 times more than in 2022.
In January, the deficit amounted to 5.8 trillion soums, in February - 7.2 trillion soums, and in March - 6.8 trillion soums.
Budget revenues rose by 6.8% to the Q1 of last year, while the expenses rose by 19.3%.
For 2024, state budget revenues are projected at 270.4 trillion soums, expenses - 280.7 trillion soums, with a deficit of 10.3 trillion soums.
As reported earlier, in 2023, Uzbekistan’s consolidated budget deficit topped a record 59 trillion soums (over $5 billion), far exceeding the figures of previous years. Last year, the government, through parliament, increased the limit because it did not meet the government spending limits.
The consolidated budget includes the state budget, budgets of state trust funds, extra-budgetary funds of budgetary organizations and funds of the Fund for Reconstruction and Development (sovereign fund).
The volume of subsidies from the state budget rose 5 times in two years - from 5.63 trillion to 29.25 trillion soums ($2.5 billion). 18 trillion soums go to covering the difference between the purchase and sale of gas, 1.72 trillion to compensation for damage to heat energy, 1.02 trillion to geological exploration.
Furthermore in 2023, expenses for the pays of government bodies, justice, the prosecutor’s office and courts, as well as neighborhoods and support for NGOs in Uzbekistan rose by 24.5% - to 17 trillion soums. In 2024-2025, it is also planned to raise their pays.
