Tashkent, Uzbekistan (UzDaily.com) — On 24 December, President of Uzbekistan Shavkat Mirziyoyev signed the law on Uzbekistan’s state budget for 2025.

The law approves the key parameters of the consolidated budget, projected revenues, and the maximum expenses of the republican budget. It also outlines projections for key macroeconomic indicators and targets for 2026–2027.

The consolidated budget deficit for 2025 is set at 3% of GDP, which is lower than the 2024 figure (4%).

The maximum volume of new external borrowings on behalf of the state is set at US$5.5 billion, of which US$3 billion is allocated to support the budget (compared to US$5 billion in 2024). The limit for the issuance of government bonds is increased to 30 trillion soums, up from 25 trillion soums in 2024.

The law stipulates that turnover tax, taxes on land and property of legal entities, as well as income from the rental of state assets, will be directed to local budgets. An exception is made for major taxpayers, who will continue to pay land and property taxes to the budgets of the regions — Tashkent and Karakalpakstan.

Revenue from the privatization of state assets will be distributed between local and regional budgets. The share of excise revenues from alcohol sales to regional budgets is reduced to 30%.

If, within six months, the budget’s revenues fall below the planned levels, and there are no prospects for meeting the forecasts by the end of the year, spending will be reduced (sequester). If the reduction exceeds 3%, the decision will be made by the Oliy Majlis; if the reduction is 3% or less, the decision will be made by the Cabinet of Ministers.