The President of the Republic of Uzbekistan signed the Law “On the State Budget of the Republic of Uzbekistan for 2024”. According to the Law, GDP growth rates in 2024 are expected to reach 5.6 – 5.8%, and in 2025-2026 — 6.2% and 6.4%, respectively. The growth rate of industry will be 6%, the service sector — 6.1%, agriculture — 4%. Inflation in 2024 is expected to be 8-10%, in 2025: 7.5 – 8.5%, in 2026: 5-7%.

The law has formed a consolidated budget with a deficit of 52.6 trillion soums or 4% of GDP, having planned consolidated budget revenues in 2024 in the amount of 375 trillion sums, and expenses – 427.6 trillion soums.

In 2024, Uzbekistan may attract more loans at the expense of debt. The limit is set at $5 billion — $2.5 billion each for budget support and investment projects. In order to diversify the public debt portfolio and reduce currency risks, the maximum net volume of government securities issued on behalf of Uzbekistan is set at 25 trillion soums (in 2023 — 17 trillion soums).

The social focus of budget expenditures will remain. Next year, about 50% of total state budget expenditures (151.5 trillion soums) will be allocated to education, healthcare, social protection, development of science, culture and sports, provision of housing for those in need and other social activities.

The draft Law was submitted by the Ministry of Economy and Finance of the Republic of Uzbekistan to the Oliy Majlis on November 1, approved by the Legislative Chamber on November 21 and the Senate of the Republic of Uzbekistan on December 20 of this year.

The law will enter into force on January 1, 2024.