Uzbekistan's budget deficit has increased to a record level since the beginning of the year

The state budget deficit of Uzbekistan has increased by 5.8-6% since the beginning of this year. Sherzod Muhamedov, director of the department of the Ministry of Economy and Finance, informed about this at the press conference held at AOKA.

Sherzod Muhamedov said that there are several reasons for the increase in the deficit.

"The increase of the budget deficit was caused by the solution of the economic problems that afflicted the citizens in the neighborhoods, the allocation of additional money to the poor, and the increase of pensions and allowances ahead of schedule. "Measures are being taken not to increase the budget deficit by 5.5 percent by the end of the year," said the head of the ministry.

For information, the state budget deficit in 2022 amounted to -35.2 trillion 229 billion soums and reached 4% of the GDP. The increase of the deficit from the amounts planned at the beginning of last year (25.5 trillion soums or 3% of GDP) was mainly explained by the increase in investment costs in the social sphere, economy and population support, as well as social and production infrastructure.

"The following resources have been directed to cover the budget deficit:

16.7 trillion soums at the expense of debt funds of international financial institutions and issuance of Eurobonds;
borrowed funds for the implementation of state programs - 5.7 trillion soums;
1.9 trillion soums from the balance of funds at the beginning of the year;
proceeds from the privatization of state assets - 45 trillion soums;
from the issue of state treasury bonds - 6.4 trillion soums," the Ministry of Economy and Finance reported.