The Uzbekistan government allocated UZS 29.2 trillion ($2.3 bn) in subsidies for the previous year, marking a 2.3-fold increase from the allocations in 2022, the Ministry of Economy and Finance reports. The largest portion of this allocation, approximately UZS 18 trillion ($1.4 bn), was directed towards compensating for the disparities in gas purchase and sale prices within the domestic market.
Within the subsidy framework, specific sectors received notable funding last year. This included UZS 1 trillion ($79 mn) for geological exploration, UZS 1.8 trillion ($142.2 mn) for business development initiatives, and UZS 1.1 trillion ($86.9 mn) for agriculture and water management programs.
In a move aimed at budget consolidation, the Central Bank of Uzbekistan proposed a reduction in subsidies allocated to the energy sector from 2024 to 2026. The regulator believes that such a measure would positively impact budgetary stability.
Earlier, reports indicated that the Khokimiyat of Tashkent city approved the city's budget for the upcoming year. The budget is anticipated to reach UZS 8.1 trillion ($640.2 mn), with districts included, amounting to UZS 9.7 trillion ($766.5 mn).
For the 2024 fiscal year, Uzbekistan earmarked UZS 2 trillion ($158 mn) for electricity subsidies and an additional UZS 1 trillion ($79.2 mn) for public transport initiatives.
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