In the first quarter of 2024, the state budget deficit of Uzbekistan exceeded 19.8 trillion soum (about US$1.56 billion), according to data from the Ministry of Economy and Finance of Uzbekistan.
This figure was 1.7 times higher than the same period of last year and almost 20 times higher than the same figure for 2022.
In January 2024, the deficit amounted to 5.8 trillion soum, in February to 7.2 trillion soum, and in March to 6.8 trillion soum.
Compared to the first quarter of last year, budget revenues increased by 6.8% to 50.5 trillion soum, and expenses by 19.3% - to 70.4 trillion soum.
For 2024, state budget revenues are estimated at 270.4 trillion soum, and expenses at 280.7 trillion soum. The deficit is projected at 10.3 trillion soum.
In 2023, the consolidated budget deficit of Uzbekistan amounted to a record 59 trillion soum (more than US$5 billion), which significantly exceeded previous figures.
Ensuring macroeconomic stability in Uzbekistan is recognized as a priority among reforms in strategic directions for 2024, according to First Deputy Adviser to the President Timur Ishmetov.
The Ministry of Economy and Finance held a discussion on the implementation of the presidential decree of March 4 on priority reform measures in 2024 in 10 main areas.
During the event, Timur Ishmetov emphasized that the ultimate goal of all current and future reforms is to improve the well-being of the population, and this is achieved through ensuring macroeconomic stability and developing the rule of law.
The main point in the resolution on priorities for 2024 is the establishment of a threshold value for the consolidated budget deficit of no more than 4% of GDP. This is done in order to ensure macroeconomic stability and increase confidence in it this year.
Ishmetov also announced plans to assess macro-fiscal risks together with the International Monetary Fund and develop appropriate macro-maneuvers to mitigate their impact. It is also planned to develop a strategy for improving the public financial management system for the period from 2025 to 2030.
In order to achieve macroeconomic stability, it is planned to reduce the budget deficit to 3% of GDP by 2025 and not exceed this limit in subsequent years. Ishmetov also noted the need to expand and improve fiscal rules and control over the effectiveness of spending budget funds.
An important aspect is also the increase in tax revenues in Uzbekistan. He noted that after the work done with the IMF, it became clear that there is an opportunity to increase tax revenues in Uzbekistan and it is possible to provide additional revenues in the amount of 1% of GDP per year in the medium term by expanding the tax base and improving tax administration.
Timur Ishmetov also emphasized the need to conduct all public procurement in the form of a tender and reduce the share of direct procurement, which helps to increase the efficiency of budget expenditures and create ample opportunities for private entrepreneurs.
In conclusion, he noted that all reforms undertaken are aimed at ensuring macroeconomic stability, which is the basis for sustainable economic growth and improving the well-being of the population.
Reported by the Uzbekistan Daily.
Labour migrants from Uzbekistan are set to receive compensation up to UZS 3.4 mn ($268) starting from April 1 as part of a new initiative, the Ministry of Justice reports. A new decree signed by Shavkat Mirziyoyev on April 4 aims to enhance the mechanisms of labour migration and extend support to Uzbek migrants...
Labour migrants from Uzbekistan are set to receive compensation up to UZS 3.4 mn ($268) starting from April 1 as part of a new initiative, the Ministry of Justice reports. A new decree signed by Shavkat Mirziyoyev on April 4 aims to enhance the mechanisms of labour migration and extend support to Uzbek migrants...
President of Uzbekistan Shavkat Mirziyoyev held a meeting with young people at the E-Sports Arena, which opened in the city of Jizzakh.
According to the decree of the head of state from 16 November 2022, e-sports is being popularized. In particular, in the city of Jizzakh, an e-sports arena was created...
President of Uzbekistan Shavkat Mirziyoyev held a meeting with young people at the E-Sports Arena, which opened in the city of Jizzakh.
According to the decree of the head of state from 16 November 2022, e-sports is being popularized. In particular, in the city of Jizzakh, an e-sports arena was created...
In a move aimed at bolstering economic cooperation and supporting ongoing reforms, Uzbekistan and KfW Development Bank have inked a financing agreement worth €150mn, the Ministry of Economy and Finance of Uzbekistan reported.
The agreement was formalized during a recent meeting attended by key officials including Ilkhom Norkulov, First Deputy Minister of...
In a move aimed at bolstering economic cooperation and supporting ongoing reforms, Uzbekistan and KfW Development Bank have inked a financing agreement worth €150mn, the Ministry of Economy and Finance of Uzbekistan reported.
The agreement was formalized during a recent meeting attended by key officials including Ilkhom Norkulov, First Deputy Minister of...
Uzbekistan issued 71,117 MasterCard payment cards in 2M24. From 2022 to 2023, the country introduced 328,100 MasterCard cards into circulation. While MasterCard sees a rise, Visa payment cards are also a significant part of the financial landscape, with 225,942 cards issued in 2023 and 102,158 distributed in 2022. As of January 1, an...
Uzbekistan issued 71,117 MasterCard payment cards in 2M24. From 2022 to 2023, the country introduced 328,100 MasterCard cards into circulation. While MasterCard sees a rise, Visa payment cards are also a significant part of the financial landscape, with 225,942 cards issued in 2023 and 102,158 distributed in 2022. As of January 1, an...
The dollar exchange rate on the currency exchange on April 8 fell by 9.2 soums, to 12,675,88 soum, thereby setting the US national currency’s rate at the Uzbek Central Bank.
Commercial banks of Uzbekistan bought the dollar for 12,615-12,650 soum and sold it for 12,690-12,750 soum.
On April 4, the official value...
The dollar exchange rate on the currency exchange on April 8 fell by 9.2 soums, to 12,675,88 soum, thereby setting the US national currency’s rate at the Uzbek Central Bank.
Commercial banks of Uzbekistan bought the dollar for 12,615-12,650 soum and sold it for 12,690-12,750 soum.
On April 4, the official value...
The dollar was firm but sluggish in Asian trading on Monday as investors looked ahead to U.S. inflation data after the big payrolls number last week, and as Treasury yields reached for December highs.
U.S. consumer price inflation for March on Wednesday and a European Central Bank (ECB) policy...
The dollar was firm but sluggish in Asian trading on Monday as investors looked ahead to U.S. inflation data after the big payrolls number last week, and as Treasury yields reached for December highs.
U.S. consumer price inflation for March on Wednesday and a European Central Bank (ECB) policy meeting on...
Oil prices fell more than $1 a barrel on Monday, with Brent sliding under $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.
Brent crude futures slipped $1.70, or 1.9%, to $89.47 a...
Oil prices fell more than $1 a barrel on Monday, with Brent sliding under $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.
Brent crude futures slipped $1.70, or 1.9%, to $89.47 a...
Uzbekistan's Ministry of Agriculture announced that the impending restrictions on sugar exports from Russia will not affect the country's sugar availability. Uzbekistan's annual sugar consumption fluctuates between 650,000 and 700,000 tonnes. Notably, the nation's sugar production infrastructure, spearheaded by enterprises such as Angren Shakar and Xorazm Shakar, significantly exceeds domestic needs, with an annual output...
Uzbekistan's Ministry of Agriculture announced that the impending restrictions on sugar exports from Russia will not affect the country's sugar availability. Uzbekistan's annual sugar consumption fluctuates between 650,000 and 700,000 tonnes. Notably, the nation's sugar production infrastructure, spearheaded by enterprises such as Angren Shakar and Xorazm Shakar, significantly exceeds domestic needs, with an annual output...
President Shavkat Mirziyoev visited the agro-logistics complex of BMB Holding in the Sharof Rashidov district of the Jizzakh region on April 8, highlighting Uzbekistan's focus on enhancing agricultural exports and economic development through modern infrastructure. The agro-logistics center, operated by "BMB Holding," commenced operations in December last year with an investment...
President Shavkat Mirziyoev visited the agro-logistics complex of BMB Holding in the Sharof Rashidov district of the Jizzakh region on April 8, highlighting Uzbekistan's focus on enhancing agricultural exports and economic development through modern infrastructure. The agro-logistics center, operated by "BMB Holding," commenced operations in December last year with an investment...
Chicago corn fell on Monday on expectations of good U.S. planting weather and concerns about possible U.S. plans which could reduce the attraction of corn for biofuel production.
Wheat fell after last Friday’s strong gains, with a lack of weekend news about tension in the Black Sea. Soybeans were flat ahead...
Chicago corn fell on Monday on expectations of good U.S. planting weather and concerns about possible U.S. plans which could reduce the attraction of corn for biofuel production.
Wheat fell after last Friday’s strong gains, with a lack of weekend news about tension in the Black Sea. Soybeans were flat ahead...
In January–February 2024, agricultural production in the Eurasian Economic Union in farms of all categories increased by 1.2% compared to the same period in 2023. Growth was observed in all EAEU states (excluding data for Armenia).
The production of livestock and poultry for slaughter increased by 3.2%, milk by 4%, egg...
In January–February 2024, agricultural production in the Eurasian Economic Union in farms of all categories increased by 1.2% compared to the same period in 2023. Growth was observed in all EAEU states (excluding data for Armenia).
The production of livestock and poultry for slaughter increased by 3.2%, milk by 4%, egg...
In August 2023, the Navoi Mining and Metallurgical Company (NMMC), Uzbekistan's largest company, underwent a change in ownership of shares, as indicated in the interim financial report for the first half of the year.
Previously, the Ministry of Economy and Finance (MEF) held the state shares in NMMC until March 1, 2023, when...
In August 2023, the Navoi Mining and Metallurgical Company (NMMC), Uzbekistan's largest company, underwent a change in ownership of shares, as indicated in the interim financial report for the first half of the year.
Previously, the Ministry of Economy and Finance (MEF) held the state shares in NMMC until March 1, 2023, when...
President Shavkat Mirziyoyev's visit to the Forish district of the Jizzakh region on April 8 highlighted the development of the Basalt Uzbekistan cluster, focusing on basalt stone mining and fiber production as key drivers of industrial growth, presidential press service informed. Historically, the Forish district had low land use efficiency, predominantly...
President Shavkat Mirziyoyev's visit to the Forish district of the Jizzakh region on April 8 highlighted the development of the Basalt Uzbekistan cluster, focusing on basalt stone mining and fiber production as key drivers of industrial growth, presidential press service informed. Historically, the Forish district had low land use efficiency, predominantly...
In the first quarter of 2024, the Almalyk Mining and Metallurgical Plant (AGMK) exported products worth US$129.86 million.
The volume forecast was exceeded by 6.9%.
At the same time, compared to the same period in 2023, the volume of exports decreased by 25.6%.
During the reporting period, 11,324 tons of copper products were...
In the first quarter of 2024, the Almalyk Mining and Metallurgical Plant (AGMK) exported products worth US$129.86 million.
The volume forecast was exceeded by 6.9%.
At the same time, compared to the same period in 2023, the volume of exports decreased by 25.6%.
During the reporting period, 11,324 tons of copper products were...
Uzbekistan's gold reserves have soared to $34.19 billion, as of April 1, marking a notable 6.2% increase compared to the previous period. Reports from the Central Bank of Uzbekistan shows that March witnessed a substantial surge of $1.99 bn in gold reserves alone.
Uzbekistan's foreign currency reserves experienced a significant boost, rising by...
Uzbekistan's gold reserves have soared to $34.19 billion, as of April 1, marking a notable 6.2% increase compared to the previous period. Reports from the Central Bank of Uzbekistan shows that March witnessed a substantial surge of $1.99 bn in gold reserves alone.
Uzbekistan's foreign currency reserves experienced a significant boost, rising by...
Gold prices rose on Monday to a record high for the seventh consecutive session, a move that analysts anticipate could be driven by strong demand from Asian central banks, despite traditional headwinds from a stronger U.S. dollar and elevated interest rates.
Spot gold was up 0.4% at $2,338.80 per ounce as...
Gold prices rose on Monday to a record high for the seventh consecutive session, a move that analysts anticipate could be driven by strong demand from Asian central banks, despite traditional headwinds from a stronger U.S. dollar and elevated interest rates.
Spot gold was up 0.4% at $2,338.80 per ounce as...
Iron ore futures prices climbed on Monday to their highest in nearly two weeks, buoyed by hopes of potential measures to bolster the feeble steel industry in top consumer China and expectations of a wave of post-holiday restocking from the country’s steelmakers.
The most-traded September iron ore contract on China’s Dalian...
Iron ore futures prices climbed on Monday to their highest in nearly two weeks, buoyed by hopes of potential measures to bolster the feeble steel industry in top consumer China and expectations of a wave of post-holiday restocking from the country’s steelmakers.
The most-traded September iron ore contract on China’s Dalian...
Copper prices in London hit their highest in more than 14 months on Monday, helped by demand from momentum-following funds, strong German industrial data and a rally in other commodities.
Three-month copper on the London Metal Exchange (LME) rose 0.9% to $9,415 a metric ton in official open-outcry trading after hitting...
Copper prices in London hit their highest in more than 14 months on Monday, helped by demand from momentum-following funds, strong German industrial data and a rally in other commodities.
Three-month copper on the London Metal Exchange (LME) rose 0.9% to $9,415 a metric ton in official open-outcry trading after hitting...
In a move towards sustainable energy practices, the Syrdarya region has witnessed strides in enhancing production efficiency and embracing energy-saving technologies. The latest development involves the integration of renewable energy sources, particularly solar panels, resulting in UZS 1bn ($78,810) savings for the region.
The Syrdarya Hydro Power Plant (HPP) took a step...
In a move towards sustainable energy practices, the Syrdarya region has witnessed strides in enhancing production efficiency and embracing energy-saving technologies. The latest development involves the integration of renewable energy sources, particularly solar panels, resulting in UZS 1bn ($78,810) savings for the region.
The Syrdarya Hydro Power Plant (HPP) took a step...
Over the past five years, investments worth over US$4 billion have been attracted to the Uzbek Jizzakh region. The volume of industrial production amounted to 50 trillion soum, and exports worth US$861 million were carried out.
This year, 400 projects worth US$2 billion are being implemented in the region. As a...
Over the past five years, investments worth over US$4 billion have been attracted to the Uzbek Jizzakh region. The volume of industrial production amounted to 50 trillion soum, and exports worth US$861 million were carried out.
This year, 400 projects worth US$2 billion are being implemented in the region. As a...
Coca-Cola Ichimligi Uzbekiston, has announced plans to invest $165 mn in constructing two new factories in Uzbekistan,
The first factory, situated in the Samarkand region across 18.5 hectares, will specialize in soft drink production. With a projected annual output of 280 mn liters, the facility is expected to generate 200 employment...
Coca-Cola Ichimligi Uzbekiston, has announced plans to invest $165 mn in constructing two new factories in Uzbekistan,
The first factory, situated in the Samarkand region across 18.5 hectares, will specialize in soft drink production. With a projected annual output of 280 mn liters, the facility is expected to generate 200 employment...
Wizz Air, the Hungarian low-cost airline, is set to expand its footprint in Central Asia with plans to introduce direct flights from Europe to Uzbekistan. This move comes following the establishment of routes between Uzbekistan and Abu Dhabi by the carrier.
In December 2022, Wizz Air commenced regular flights to Samarkand, marking its...
Wizz Air, the Hungarian low-cost airline, is set to expand its footprint in Central Asia with plans to introduce direct flights from Europe to Uzbekistan. This move comes following the establishment of routes between Uzbekistan and Abu Dhabi by the carrier.
In December 2022, Wizz Air commenced regular flights to Samarkand, marking its...
The contribution of the information and communication sector to Uzbekistan's Gross Domestic Product (GDP) has seen an upsurge in the year 2023, as per the latest data released by the Statistics Agency. The report indicates that UZS 21.1 trillion ($1.7bn) worth of added value was generated within this sector, constituting approximately 2.1%...
The contribution of the information and communication sector to Uzbekistan's Gross Domestic Product (GDP) has seen an upsurge in the year 2023, as per the latest data released by the Statistics Agency. The report indicates that UZS 21.1 trillion ($1.7bn) worth of added value was generated within this sector, constituting approximately 2.1%...
The Russian company Stroyproekt will build a modern business center worth US$10 million in Tashkent, the press service of the Chamber of Commerce and Industry said.
During the visit of representatives of the business community of the Russian Federation under the leadership of the Governor of St. Petersburg in October 2021,...
The Russian company Stroyproekt will build a modern business center worth US$10 million in Tashkent, the press service of the Chamber of Commerce and Industry said.
During the visit of representatives of the business community of the Russian Federation under the leadership of the Governor of St. Petersburg in October 2021,...
The Competition and Antimonopoly Regulation Unit of the Eurasian Economic Commission, based on the results of consideration of materials from the Ministry of Antimonopoly Regulation and Trade of Belarus, opened a case against a Russian company engaged in the supply of fire-technical fittings.
The case is being considered on grounds of...
The Competition and Antimonopoly Regulation Unit of the Eurasian Economic Commission, based on the results of consideration of materials from the Ministry of Antimonopoly Regulation and Trade of Belarus, opened a case against a Russian company engaged in the supply of fire-technical fittings.
The case is being considered on grounds of...
This was stated by the director of the Energy Department of the Eurasian Economic Commission, Vadim Zakrevsky, at the round table “Economic and legal regulation in the energy sector”, held in Kazan as part of the Tatarstan International Forum on Energy and Energy and Resource Efficiency.
The Director of the EEC...
This was stated by the director of the Energy Department of the Eurasian Economic Commission, Vadim Zakrevsky, at the round table “Economic and legal regulation in the energy sector”, held in Kazan as part of the Tatarstan International Forum on Energy and Energy and Resource Efficiency.
The Director of the EEC...
A meeting of the working group on customs cooperation and trade facilitation was held under the chairmanship of the Director of the Department of Customs Legislation and Law Enforcement Practice of the Eurasian Economic Commission Sergei Vladimirov.
“We need to continue exchanging best practices in customs regulation with Chinese partners in...
A meeting of the working group on customs cooperation and trade facilitation was held under the chairmanship of the Director of the Department of Customs Legislation and Law Enforcement Practice of the Eurasian Economic Commission Sergei Vladimirov.
“We need to continue exchanging best practices in customs regulation with Chinese partners in...
The maximum gap between the regions of Russia in terms of average salary is 4.4 times, as follows from data released by Rosstat for 2023. In 2022, this difference was slightly smaller at 4.3 times. The maximum nominal accrued salaries were recorded in the Chukotka (158 thousand rouble per month)...
The maximum gap between the regions of Russia in terms of average salary is 4.4 times, as follows from data released by Rosstat for 2023. In 2022, this difference was slightly smaller at 4.3 times. The maximum nominal accrued salaries were recorded in the Chukotka (158 thousand rouble per month)...
The largest exporters in March increased their foreign currency sales by 16% to $12.1 billion, according to a review of financial market risks published by the Bank of Russia. Sales of foreign currency by exporters in March remained at the level of January February 2024 for most of the month,...
The largest exporters in March increased their foreign currency sales by 16% to $12.1 billion, according to a review of financial market risks published by the Bank of Russia. Sales of foreign currency by exporters in March remained at the level of January February 2024 for most of the month,...
Retail investors became the largest net sellers of shares on the Russian market in March 2024, according to the Bank of Russia report “Review of Financial Market Risks.”
So, last month their net sales amounted to 37 billion rouble. Individuals switched to net sales of shares for the first time since...
Retail investors became the largest net sellers of shares on the Russian market in March 2024, according to the Bank of Russia report “Review of Financial Market Risks.”
So, last month their net sales amounted to 37 billion rouble. Individuals switched to net sales of shares for the first time since...
The federal budget of Russia in January-March 2024 was executed, according to preliminary estimates, with a deficit of 607 billion rouble, or 0.3% of GDP, according to a press release from the Ministry of Finance.
In January-February, the deficit, according to updated information from the Treasury, amounted to 1 trillion 130.2...
The federal budget of Russia in January-March 2024 was executed, according to preliminary estimates, with a deficit of 607 billion rouble, or 0.3% of GDP, according to a press release from the Ministry of Finance.
In January-February, the deficit, according to updated information from the Treasury, amounted to 1 trillion 130.2...
Against the backdrop of a number of Western companies leaving Russia, specialists from the TenderPro electronic trading platform studied how the legalisation of parallel imports affected the purchases of commercial enterprises.
According to the company's analysts, over the year the number of tenders by metallurgists for spare parts and goods subject...
Against the backdrop of a number of Western companies leaving Russia, specialists from the TenderPro electronic trading platform studied how the legalisation of parallel imports affected the purchases of commercial enterprises.
According to the company's analysts, over the year the number of tenders by metallurgists for spare parts and goods subject...
Germany increased exports to Russia in February by 1.5% compared to January, to 674.371 million euro, according to a report by the German Federal Statistical Office (Destatis).
Imports from Russia in the month before last increased by 23.5% to 213.956 million euro.
February exports to Russia were 24% lower than a year...
Germany increased exports to Russia in February by 1.5% compared to January, to 674.371 million euro, according to a report by the German Federal Statistical Office (Destatis).
Imports from Russia in the month before last increased by 23.5% to 213.956 million euro.
February exports to Russia were 24% lower than a year...
In the first quarter of 2024, the Ministry of Industry and Trade of Russia included 28 objects in the federal register of industrial parks, industrial technology parks and clusters, the department’s press service reports.
Thus, the Russian Ministry of Industry and Trade has confirmed the compliance of 13 industrial clusters, which...
In the first quarter of 2024, the Ministry of Industry and Trade of Russia included 28 objects in the federal register of industrial parks, industrial technology parks and clusters, the department’s press service reports.
Thus, the Russian Ministry of Industry and Trade has confirmed the compliance of 13 industrial clusters, which...
Mining companies have criticized the new regulation, which obliges them to enter data on mined ore into the State Integrated Information System for the Control of the Circulation of Precious Metals and Precious Stones (SIIS PMPS). The Ministry of Finance developed the corresponding draft amendments to Government Resolution No. 270...
Mining companies have criticized the new regulation, which obliges them to enter data on mined ore into the State Integrated Information System for the Control of the Circulation of Precious Metals and Precious Stones (SIIS PMPS). The Ministry of Finance developed the corresponding draft amendments to Government Resolution No. 270...
In 2023, Rostselmash Combine Plant received a net profit under RAS of 16.292 billion rouble, which is 1.6 times more than a year earlier, according to the company’s reporting.
At the same time, revenue increased 1.4 times, to 98.745 billion rouble.
Both revenue and profit are record highs for the company since...
In 2023, Rostselmash Combine Plant received a net profit under RAS of 16.292 billion rouble, which is 1.6 times more than a year earlier, according to the company’s reporting.
At the same time, revenue increased 1.4 times, to 98.745 billion rouble.
Both revenue and profit are record highs for the company since...
China's yuan weakened slightly on Monday against a firm dollar as investors weighed when the U.S. Federal Reserve will start cutting rates in the wake of a blowout jobs report, while Beijing's move to defend the yuan is also in focus.
The yuan was not far from the 4-1/2-month low of...
China's yuan weakened slightly on Monday against a firm dollar as investors weighed when the U.S. Federal Reserve will start cutting rates in the wake of a blowout jobs report, while Beijing's move to defend the yuan is also in focus.
The yuan was not far from the 4-1/2-month low of...
Chinese stocks were on the backfoot after returning from extended holidays on Monday, tracking subdued regional markets on overseas interest rate concerns, while investors awaited more economic data.
Broader Asian shares started the week softer, while the dollar firmed as investors weighed the timing of the Federal Reserve's rate cuts in...
Chinese stocks were on the backfoot after returning from extended holidays on Monday, tracking subdued regional markets on overseas interest rate concerns, while investors awaited more economic data.
Broader Asian shares started the week softer, while the dollar firmed as investors weighed the timing of the Federal Reserve's rate cuts in...
China has leveraged a variety of policies to offset downward economic pressure and address structural challenges, securing a robust start of this year with accelerated growth in retail sales, investment, and industrial output.
China's retail sales of consumer goods rose by 5.5 percent year on year in the first two months...
China has leveraged a variety of policies to offset downward economic pressure and address structural challenges, securing a robust start of this year with accelerated growth in retail sales, investment, and industrial output.
China's retail sales of consumer goods rose by 5.5 percent year on year in the first two months...
