Sunday, 09, May, 2021

The Minister of Finance Timur Ishmetov spoke about the risks for achieving the projected targets of the 2021 state budget revenues and expenditures.

A 1-percent shrinking of GDP means a decrease in budget revenues by 433 billion soums, or US$ 42 million. If there is no gas exports (10 BCM per year) due to higher domestic consumption at lower cost, the budget revenues will be short of 1 trillion soums, or US$ 100 million. Also, if the price of 1 ounce of gold drops by US$100 (without dividends) this will cut budget revenues by 1.8 trillion soums, US$ 170 million.

Inefficient use of projects implemented through external borrowings in enterprises where the state owns stakes may lead to further increase in budget expenditures.

In the first 9 months of 2020, enterprises engaged in the production and supply of natural gas paid 7 trillion 570 billion soums to the state budget, a decrease of 1 trillion 321 billion soums or 15% compared to the same period last year. In real terms, it decreased by 27% (9 months of 2019 - 8,891 billion soums),” Timur Ishmetov said at the Senate plenary session.

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