In January-July 2024, the state budget deficit of Uzbekistan topped 36.4 trillion soums (about 2 billion US dollars at the Central Bank exchange rate on the day of publication), the Ministry of Economy and Finance said in a report.
Reportedly, in the first quarter, the deficit surpassed 19.8 trillion soums, and in the second, it slowed to 14.1 trillion soums.
In July, the difference between expenses and revenues topped 2.5 trillion soums - the minimum figure since the beginning of the year (the maximum was in February - 7.2 trillion soums).
According to the State Budget Law, a deficit of 10.3 trillion soums, or 0.7% of GDP, is projected for 2024 and the deficit of the budgets of state target funds - 30.56 trillion soums (2.3% of GDP).
In early May, the governor of the Central Bank, Mamarizo Nurmuratov, pointed out the direct impact of the budget deficit on inflation, but admitted that the regulator does not have the tools to reduce this indicator.
“The formation of a budget deficit above the acceptable indicator has a direct impact on our monetary indicators, macroeconomic stability and, most importantly, on inflation... We need to understand one thing - maintaining and reducing inflation to the target is the primary task of all economic departments. The Ministry of Economy and Finance is taking all necessary measures to do this. We discuss these issues at least once a week,” he said.
The limit on the consolidated budget deficit for 2024 has been approved at 4% of GDP, or about 52.6 trillion soums (revenues are projected at 375.03 trillion soums, expenses - 427.64 trillion soums). State budget revenues are projected at 270.4 trillion soums, and expenditures at 280.7 trillion soums, with a deficit of 10.3 trillion soums.
In 2023, Uzbekistan’s consolidated budget deficit topped a record 59 trillion soums (over $5 billion), significantly exceeding the figures for previous years. At the end of last year, the government raised the limit through parliament, as it did not meet the government spending targets.
