Uzbekistan’s state budget deficit at $2.9bn in 2022

By Muzaffar Ismailov in Tashkent August 16, 2023

Uzbekistan’s consolidated budget revenues last year amounted to $23.7bn, and expenditures were $26.6bn, according to the country’s ministry for economy and finance. There was a budget deficit of $2.9bn.

Compared to 2021, the consolidated budget deficit expanded by almost $826mn. At the same time, the expenditure part of the budget exceeded the stipulated parameters by $3.4bn, which caused an increase in the deficit.

The ministry explains this by additional costs for social support of the population, an increase in the volume of centralised investments, as well as the implementation of measures to support the economy.

Both external and internal sources of financing were used to cover the consolidated budget deficit. More than 60% of the budget deficit was covered by external loans.

Loans from international financial institutions and the issuance of eurobonds accounted for $1.4bn, and loans for the implementation of state-targeted programs provided $473mn.

Internal sources of financing brought in $898mn: proceeds from privatisation amounted to $372mn, and the issue of government bonds to $526mn.

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