State Budget Law for 2022 approved

At the twenty-second plenary session of the Senate of the Oliy Majlis, the Law "On the State Budget of the Republic of Uzbekistan for 2022" was discussed.

It was noted that this Law establishes the main macroeconomic indicators and forecasts of income and expenses of the consolidated State budget for 2022, as well as budget targets for 2023-2024.

The law introduced significant changes to the tax policy. At the same time, it is planned to support and develop industries that have a significant share in the gross domestic product (GDP).

In particular, it is planned that in 2022 the country's GDP growth rate will be 6.0%, including in industry - 7.0%, in construction - 8.1%, in agriculture - 3.3%.

The maximum size of the deficit of the consolidated budget of the Republic of Uzbekistan for 2022 is set at 3% of GDP.

In 2022, consolidated budget revenues are projected at 254.6 trillion soums, or 30.3% of GDP. State budget revenues are determined at 199.5 trillion soums or 23.8% of GDP.

Revenues of state trust funds are planned at 31.9 trillion soums, expenses - 58.7 trillion soums.

In addition, it is envisaged to allocate funds from the State Budget to the social sphere, in particular, 46.9 trillion soums - for education expenditures, 22.8 trillion soums - for healthcare expenditures, 3.4 trillion soums - for cultural and sports expenditures, and 1.5 trillion soums - for the costs of measures for the further development of science.

In addition, at least 30% of the additional funds from the budgets of all districts (cities) of the republic are directed to finance activities formed on the basis of public opinion.

In particular, the Law provides for funds from the open budget, the "Civil Initiatives Fund" in the amount of 1 trillion 553 billion soums.

As the senators noted, it is necessary to strengthen parliamentary and public control over the fair and targeted use of the State budget funds.

This Law has been approved by the members of the Senate.