During the initial ten days of July, Uzbekistan's state budget reported revenues amounting to UZS 4.3 trillion ($340.9mn) across eight working days. This figure represents a modest increase compared to the previous month's fiscal activities, indicating a steady influx of income.
Simultaneously, expenditures for the same period totaled UZS 10.1 trillion ($800.7mn), marking a decrease from earlier recorded periods. Consequently, the deficit narrowed to UZS 5.8 trillion ($459.8mn) during this timeframe.
The detailed breakdown of these financial dynamics is set for quarterly disclosure, which will provide deeper insights into the budget's structure and allocation. Notably, ongoing subsidies for energy continue to exert significant pressure on fiscal resources.
The observed stabilization of the deficit in early July stresses Uzbekistan's proactive approach in navigating economic fluctuations while maintaining fiscal prudence. These efforts are crucial amid evolving economic conditions, reflecting the government's commitment to financial stability and sustainable economic management.
Earlier, Uzbekistan's fiscal strategy for 2025-2027 forecasted a government debt-to-GDP ratio between 39.5% and 40.4%. This projection, outlined in the Ministry of Economy and Finance's budget strategy and approved by the Cabinet of Ministers, showed a steady outlook for managing public debt over the next three years.
The budget strategy included scenario-based forecasts, with annual limits on public debt, budget deficits, and funding for investment projects. Stable macroeconomic and budgetary conditions were essential for projecting the public debt-to-GDP ratio at 39.5-40.4% from 2025 to 2027. During this period, the average external debt-to-GDP ratio was expected to be about 33.3%.
The strategy aimed to maintain a consolidated budget deficit averaging 3% of GDP over the next three years. Government transactions in foreign trade were expected to reach $4.5bn, with domestic government securities covering half of the demand for debt financing.
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