Uzbekistan’s 8M23 state budget deficit approaches $3.3bn

By Muzaffar Ismailov in Tashkent September 18, 2023

Uzbekistan's state budget deficit in 8M23 approached UZS 40 trillion ($3.3bn), according to the economy and finance ministry. In July-August alone, the figure was equivalent to around $1bn.

Social benefits expenditure increased by $140mn, VAT refunds by $115mn and subsidies by almost $50mn in the eight-month figure.

According to the law on the state budget for 2023, revenues were projected at $19.1bn and expenditures at $18.7bn.

The legislation allows the government to source up to $2bn to support the budget, including capital to finance the deficit.

Last month, the ministry published the sources used to cover the budget deficit last year. Loans from international financial institutions and the issuance of eurobonds accounted for $1.4bn, and loans for the implementation of state-targeted programmes provided $471mn. Internal sources of financing brought $894mn.

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