ISSUES OF IMPROVING THE PROCEDURE FOR CONTROLLING BUDGET EXPENDITURES
Abstract
The centralized funds in the state budget form the financial foundation of state government bodies and local self-governing authorities, ensuring the fulfillment of their respective functions and responsibilities. The stability of the state budget is one of the most important indicators characterizing the condition of the national economy, and above all, its social sphere. Building a modern budget takes place under conditions of profound economic transformations, which in turn define the primary tasks faced by the budget.
Despite the complex and uncertain global environment and the slowdown in world economic growth, Uzbekistan continues to maintain stable economic growth rates. According to the projected revenues and expenditures of the 2024 State Budget, the economic growth rate is expected to reach 5.6–5.8 percent. For 2025–2026, these rates are forecasted to rise to 6.2 percent and 6.4 percent, respectively. The 2024 State Budget revenues, expenditures, and deficit forecast indicate that expenditures are planned at 312.921 trillion UZS, of which 48.4 percent is allocated to financing social spending. In addition to the main directions of budget spending, expenditures related to development programs, the implementation of national sustainable development goals, and climate change-related measures are also included. To ensure fiscal sustainability, reducing the budget deficit remains one of the medium-term objectives of fiscal policy. For 2024, the consolidated budget deficit is forecasted at 52.6 trillion UZS, or 4 percent of GDP, with plans to reduce it to 3 percent of GDP in the next two years.
References
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