The priority task among the strategic directions for reforms in 2024 in Uzbekistan is ensuring macroeconomic stability. This was stated by the first deputy advisor to the president, Timur Ishmetov. The Ministry of Economy and Finance recently discussed the implementation of the president's decree on priority measures for reforms in 2024 in 10 main directions.
Among those present were presidential advisor Ravshan Gulyamov, Vice Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov, heads of ministries and agencies, as well as representatives of international financial organizations. Ishmetov highlighted that macroeconomic stability is the most important direction in the resolution, emphasizing that the ultimate goal of all past and future reforms is to improve the well-being of the population.
He noted that the key foundations for this are ensuring macroeconomic stability and building a rule-of-law state. The resolution sets the threshold value of the consolidated budget deficit at no more than 4% of GDP as the most pressing task for ensuring macroeconomic stability and strengthening trust in it in 2024.
Ishmetov mentioned plans to assess macro-fiscal risks jointly with the International Monetary Fund and develop corresponding macro maneuvers to mitigate their impact. The strategy for improving the public financial management system for 2025-2030 will focus on enhancing the efficiency of budget expenditures and reducing the budget deficit to 3% of GDP by 2025, while not exceeding this figure in the coming years.
Furthermore, Ishmetov discussed increasing tax revenues by expanding the tax base and improving tax administration, aiming to generate additional revenues equivalent to 1% of GDP annually in the medium term. He also touched upon the topic of state procurement, emphasizing that all government purchases should be conducted through tenders.
In conclusion, Ishmetov stressed that while macroeconomic stability and financial discipline are crucial for implementing these reforms, the positive implementation of these reforms will also contribute to economic stability. The goal is to ensure that all reforms ultimately lead to macroeconomic stability in Uzbekistan.
