Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Economy and Finance of Uzbekistan published for discussion a bill on the state budget for 2024 and targets for 2025−2026.

According to the draft law, in 2024, Uzbekistan’s GDP growth is projected at 5.6−5.8%. In 2025-2026, economic growth is expected to be 6.2% and 6.4%, respectively.

The government expects industrial growth in 2024 to be 6%, services - 6.1%, agriculture - 4%.

According to forecasts of the Government of Uzbekistan, inflation in 2024 in the country will be at the level of 8-10%. In 2025, inflation may reach 7.5-8.5%, and in 2026 - 5.7%.

The consolidated budget deficit is expected to be within 4% of GDP in 2024 and 3% of GDP in 2025-2026.

The bill notes that basic tax rates will remain unchanged in the medium term. To increase revenues, the government plans to expand the budget revenue base by revising and canceling tax and customs benefits.

Uzbekistan plans to gradually harmonize tax and budget policies with the requirements of the World Trade Organization (WTO).

The document notes that Uzbekistan will take all measures to ensure that public debt does not exceed the macroeconomic safe level of 60% of GDP, and in the medium term - 50% of GDP.

Revenues from the consolidated budget of Uzbekistan for 2024 are expected at 375.04 trillion soums. The expenses will amount to 427.55 trillion soums. State budget revenues will exceed 270.3 trillion soums and expenses - 279.6 trillion soums.

Revenues from state trust funds are expected to be 55.4 trillion soums, and expenses - 86.8 trillion soums. At the same time, these funds will receive 33.1 trillion soums of transfers from the republican budget.

Extra-budgetary revenues of the Pension Fund are expected at 46.8 trillion soums and expenses - 63.1 trillion soums.

Uzbekistan plans to attract 11.8 trillion soums of external debts for the expenses of government programs.

The maximum consolidated budget deficit is expected to be within 52.5 trillion soums, or 4% of GDP.

The state budget and budgets of state trust funds are planned with a deficit of 40.8 trillion soums, or 3.1% of GDP.

The government plans to cover the deficit by attracting government internal and external debt, funds from the privatization of state assets and other sources.

In 2024, Uzbekistan can attract US$4.5 billion under state guarantee, in 2025 - US$5 billion.

Uzbekistan may also issue government securities worth 25 trillion soums in 2024.

In 2024, it is planned to introduce a road tax in the amount of 5 basic estimated values (1.65 million soums) for trucks weighing over 10 tons.