President Shavkat Mirziyoyev of Uzbekistan has underscored the importance of careful and wise expenditure of funds while aiming to prevent budget deficits, according to First Deputy Minister of Economy and Finance, Ilkhom Norkulov. The president's remarks were made during a meeting on the country's economic performance, anticipated indicators, and macroeconomic forecasts for 2024.
During the meeting, discussions took place on revenue calculations from privatization in 2024 and measures to reduce state involvement in competitive areas, transferring authority to the private sector. Additionally, the president called for an inventory of non-agricultural land and expedited allocation of plots to entrepreneurs.
Looking ahead, the government aims to achieve 5.8% economic growth in 2024, with a focus on poverty reduction and macroeconomic stability. The president emphasized the need to curtail budget deficits, gradually reduce them, and implement designated economic reforms. The target of 5.8% growth is aligned with the goal of reaching a GDP of $160 bn and a per capita GDP of $4,000 by 2030.
President Mirziyoyev stressed the importance of meticulous financial management, holding regions and organizations accountable for the use of budgetary funds. In 2024, loan allocations for entrepreneurs will require full infrastructure provision, ensuring their active participation and responsibility. Instructions were given to address insurance-related issues and establish regional banks' liabilities.
Despite global economic uncertainties, Uzbekistan aims to achieve at least 5.6% GDP growth by the end of the year, emphasizing the utilization of internal resources for sustained economic progress. Notably, the state budget deficit reached nearly UZS 40 tn ($3,3 bn) in the first eight months, deviating from the initial surplus projection for 2023. Efforts are underway to align expenses with revenues and maintain economic stability.
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