Thursday, 26, April, 2018

The Uzbek Senate, at the 13th plenary session on Wednesday approved the 0.02% surplus (or 59 billion soums) to GDP state budget for 2018. The draft document was presented by the Deputy PM/Finance Minister Jamshid Kuchkarov.

He said that Uzbekistan's GDP in 2018 is projected at 290.6 trillion soums, the GDP deflator is 14.1% and the consumer price index stands at 12-13%.

Revenue part will amount to 62.229 trillion soums or 21.4% to GDP, expenditures are projected at 62.17 trillion soums or 21.4% to GDP.

Here are some of the highlights of this draft:

-34.7 trillion soums will contributed to social sphere.

-More than 8.5 trillion soums - for implementation of state programs. In particular, 815 billion soums - to equipment of pre-schools, or almost 3 times the 2017 figure.

-559.1 billion soums or 1.5 times more - for enhancing material and technical resources of 48 higher educational institutions. 803.6 billion soums will be contributed for construction, reconstruction and overhaul of 296 medical institutions, as well as equipping medical institutions.

-915.4 billion soums or 2.5 times more than in 2017 - to enhance the provision of medicines to health facilities.

-86 billion soums - to endorse the State system of early detection of congenital and hereditary pathologies in newborns and pregnant women.

-230.3 billion soums - for building housing and utility services, including 47.2 billion soums for improvement of territories adjacent to multi-storey apartment houses, for repair and replacement of elevator equipment in multi-storey housing - 22.4 billion soums.

-469.2 billion soums - for transport projects, 568.6 billion soums - for implementation of social infrastructure facilities development programs in the regions.

Jamshid Kuchkarov noted that when forming the budget figures, the forecast figures for 2018 of economic growth of Uzbekistan’s main trading partners: Russia (1.6%), Kazakhstan (2.8%), China (6, 5%) and the EU countries (1.8%), as well as liberalization of the foreign exchange market, foreign trade policy and investment climate in Uzbekistan were taken into account.

The parameters of the state budget were approved taking into account the projected 5.9% GDP growth in 2018, industrial output growth of 6.4%, agricultural production of + 4%, and capital investment of +6.5%.

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