Uzbekistan's consolidated budget for 2023 witnessed a deficit of UZS 59 trillion ($4.7 bn), equivalent to 5.5% of the Gross Domestic Product (GDP), the Ministry of Economy and Finance of Uzbekistan reports. The consolidated budget of Uzbekistan for the fiscal year 2023 depicted revenues totaling UZS 321 trillion ($25.4 bn), while expenditures reached UZS 380 trillion ($30 bn), translating to a disparity of UZS 59 trillion ($4.7 bn).
Economist Otabek Bakirov provided a comparative analysis of the consolidated budget deficit over the past five years:
- 2019: UZS 13.2 trillion ($1 bn)
- 2020: UZS 26.1 trillion ($2.1 bn)
- 2021: UZS 40.8 trillion ($3.2 bn)
- 2022: UZS 35.2 trillion ($2.8 bn)
- 2023: UZS 59 trillion ($4.7 bn)
Despite initial budget plans indicating a 3% deficit limit for 2023, subsequent adjustments to the budget law were made as the state expenditures outstripped revenues significantly. Consequently, the deficit limit was raised to 5.5%. Concurrently, the annual cap on external debt escalated from $4.5 bn to $5.5 bn to accommodate financial exigencies.
The fiscal challenges persist into 2024 as preliminary reports suggest that the state budget deficit for the 2M24 already reached UZS 13 trillion ($1 bn). Projections outlined in the current year's budget law forecast revenues of UZS 270.4 trillion and expenditures of UZS 280.7 trillion ($22.2 bn), culminating in an anticipated deficit of UZS 10.3 trillion ($814 mn). Notably, the consolidated budget deficit is capped at UZS 52.6 trillion ($4.2 bn), equivalent to 4% of GDP.
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