Uzbekistan: Fiscal strategy for 2026-2028 approved

The development of the Fiscal Strategy for 2026-2028 has been completed in the Republic of Uzbekistan. The document was prepared in accordance with the requirements of the Budget Code and is a key tool for medium-term budget planning aimed at developing a balanced and sustainable fiscal policy.

The fiscal strategy contains detailed forecasts of macroeconomic indicators, including GDP growth, inflation, external economic risks, and government debt parameters. The document lays the foundation for forming the revenue and expenditure parts of the consolidated budget, and also serves as a basis for preparing a draft law on the state budget and a budget statement for the corresponding three-year period.

The strategy's priorities include ensuring sustainable economic growth, improving the efficiency of budget expenditures, improving tax administration, and reducing fiscal risks. Special attention is paid to the mechanisms of flexible adaptation to possible external and internal shocks, which is especially relevant in the context of global instability.

The fiscal strategy is synchronized with the goals of the state program "Uzbekistan-2030" and reflects the strategic directions of the country's development, including the transition to a digital economy, support for the private sector, strengthening social policy and environmental sustainability. Based on the international principles of transparency and accountability, the strategy also provides for strengthening fiscal control institutions.

The document assesses potential fiscal risks, including those related to the growth of the debt burden, fluctuations in commodity markets and changes in the external environment. Measures are envisaged to mitigate their impact, including improving fiscal forecasting, reforming subsidies, and improving the efficiency of program expenditures.

Developing a Fiscal strategy is a key step in ensuring the predictability of economic policies, the sustainability of public finances, and building confidence among investors and international partners. It is also an important element in building a modern fiscal architecture that ensures a long-term balance between economic growth and social obligations of the State.

To get acquainted with the new Fiscal Strategy of Uzbekistan (only in Uzbek), please follow this link: https://api.mf.uz/media/filestore/fiskal_strategiya_2026-2028_4hxRGwi.pdf