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    Uzbekistan

    Uzbekistan implements transparency measures for budget expenditures

    Uzbekistan implements transparency measures for budget expenditures

    Uzbekistan has announced the implementation of measures aimed at ensuring easy access to information regarding budget expenditures and promoting corporate governance in state-owned enterprises. The directives, outlined in a presidential decree on the state program aligned with the "Uzbekistan-2030" strategy for 2024, UzA reported.

    Under the provisions set forth in the decree, the Ministry of Economy and Finance is mandated to spearhead the dissemination of comprehensible reports on both state and local budget revenues and expenditures. These reports, published annually and semi-annually on the ministry's website, are designed to provide citizens with clear insights into how public funds are utilized. By presenting financial data in an easily understandable format, the initiative aims to foster greater civic engagement and scrutiny over government spending, ultimately fostering trust in the administration's fiscal policies.

    Moreover, the decree underscores a concerted effort to bolster corporate governance practices within state-owned enterprises. Effective from July 1, 2024, companies with a state ownership stake of 50% or more are mandated to adopt corporate social responsibility (CSR) initiatives and publicly disclose reports on environmental, social, and governance (ESG) performance annually by the same date. 

    The responsibility for overseeing the seamless implementation of these initiatives has been entrusted to the Ministry of Economy and Finance, in collaboration with the State Assets Management Agency (UzSAMA). 

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