The Uzbek Senate has approved the 1.1% of GDP deficit state budget for 2019 at its 17the session on Thursday. The 2019 draft budget, passed this week by the Legislative Chamber, was presented by the Deputy PM/Minister of Finance Jamshid Kuchkarov.
The budget parameters were approved with the GDP growth forecast at 5.4% in 2019 and inflation to be at 15.5%.
The revenue part of the budget is planned at 24.2% of GDP, or 102.6 trillion soums, while the expenses - 25.3% of GDP, or 107.4 trillion soums.
This year, the state budget and macroeconomic figures were for the first time forecasted for the next three years. While, in 2020-2021, the budget deficit is planned to be cut down to 0.1% of GDP. To cover it, it is planned to issue 3 trillion soums worth of short-term bonds.
The government also forecasts GDP growth at 6% in 2020, in 2021 - at 7%, inflation at 12.6% and 9.9%, respectively.
The 2018 state budget of Uzbekistan was approved in December last year with a surplus of 0.02% of GDP. In the autumn, the government adjusted to be at 1.2% deficit, GDP growth of 5.2%, inflation - 18.8%.