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    Uzbekistan

    Uzbekistan spends UZS 6.7tn annually on natural gas trade damages compensation

    Uzbekistan spends UZS 6.7tn annually on natural gas trade damages compensation

    In 2022,  Uzbekistan's budget directed around UZS 6.7 tn ($553mn)  towards expenses associated with compensating the price disparity of natural gas.

    The insights were unveiled through the "Budget for Citizens" publication  issued by the Ministry of Economy and Finance.

    2021-2022 expenditures of the state budget on economic activity, bn sum
    Source: Ministry of Economics and finance in Uzbekistan

    The substantial price contrast between buying and selling natural gas stands as a contributing factor to the escalated costs targeted at the economy.

    This economic boost is attributed to providing cost-free financial aid of UZS 4.5 tn ($371mn)  to the Fund for State Support of Agriculture, in addition to covering the costs of AO 'UzgazTrade' amounting to UZS 6.7 tn, ($553mn) aimed at compensating damages from the trading of natural gas.

    Tariffs for natural gas and electricity in Uzbekistan have remained unchanged for households and businesses since 2019. Consequently, a portion of the budget will be earmarked for offsetting the natural gas price difference. With gas extraction costing UZS 550, the price sold to consumers is UZS 380.

    Former Deputy Minister of Finance, Dilshod Sultanov, previously stated that the 14.5 tn UZS ($1bn) of state debt to be attracted in 2023 will be allocated for natural gas subsidies.

    "Over $3 bn of external debt will be allocated for budget support. For instance, UZS 14.5 tn ($1bn)  is planned to be spent on natural gas subsidies, which is one of the two main expenses this year," he noted.

    For reference, in 2023, the maximum amount of new annual agreements signed for attracting external debt on behalf of Uzbekistan and guaranteed by the republic is set at $4.5 bn. Out of this, $2 bn is planned to be directed toward budget support, and $2.5 bn for financing investment projects.

    As per the "State Budget Law," this year will see UZS 19.2 tn ($1,5 bn)  allocated for repaying the principal portion of the state debt.

     

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    15.08.2023, 11:59   Comments (0)   820
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