President Shavkat Mirziyoyev signed the law “On the State Budget of the Republic of Uzbekistan for 2020”.

The document approved the parameters of the consolidated budget of Uzbekistan for 2020 and budget guidelines for 2021-2022 (not yet published), prepared on the basis of the forecast of main macroeconomic indicators of the country’s development for 2020, and targets for 2021-2022.

The volume of the reserve fund of the Cabinet of Ministers for 2020 amounted to 731 billion soums. The reserve funds of the republican budget of Karakalpakstan, budgets of regions and the city of Tashkent, budgets of districts and cities for 2020 are formed in the amount of not less than 1.5% of the total expenses of respective budgets.

In case of failure to fulfill the forecast of budget system’s revenues for six months and the lack of sufficient reasons for their receipt by the end of the current financial year, costs of 3% or more of the total republican budget are reduced by the chambers of Oliy Majlis at the proposal of the Cabinet of Ministers. Less than 3% of the total republican budget expenditures is based on a decision of the Cabinet of Ministers on the proposal of the Finance Ministry.

For 2020, a limit has been set for the total amount of newly signed agreements on attracting external borrowing on behalf of the Republic of Uzbekistan or under the government’s guarantee in the amount of $4 billion.

A limit on the development of external borrowing for 2020, attracted on behalf of the Republic of Uzbekistan for the implementation of state targeted programs and repaid from the state budget in the amount of $1.5 billion, was approved.