Review of the Execution of the State Budget for the First Half of 2025

Tashkent, Uzbekistan (UzDaily.com) — A regular plenary session of the Legislative Chamber of the Oliy Majlis was held, during which deputies reviewed the report on the execution of the State Budget of the Republic of Uzbekistan and the budgets of state targeted funds for the first half of 2025.

The session was attended by responsible officials from the Cabinet of Ministers, heads of the Ministry of Economy and Finance, as well as representatives of other ministries and agencies. The report was presented by the Deputy Prime Minister — Minister of Economy and Finance, Jamshid Kuchkarov.

The execution of the State Budget and targeted fund budgets had been preliminarily discussed by parliamentary factions and committees, which allowed more than 60 questions to be raised during the plenary session and detailed answers to be provided. Proposals and recommendations from citizens were also considered, highlighting principles of transparency and openness in government-citizen relations and demonstrating the continued implementation of executive accountability and parliamentary oversight.

Despite global economic volatility, key economic indicators showed growth as a result of regional policies promoting employment, entrepreneurship, and reforms. Gross domestic product increased by 7.2% compared to the same period last year, industrial production rose by 6.6%, market services expanded by 13.3%, construction by 10.7%, and agricultural output by 4.0%. Investment in fixed capital reached 273.4 trillion soums, 5.5% higher than the previous year, indicating sustained economic growth. Real incomes of the population grew by 9.5%, directly affecting citizens’ welfare.

Active foreign economic policy also yielded results: foreign trade turnover in the first half of the year reached US$37.0 billion, up 16.1% from the previous year.

State budget revenues for the reporting period were executed at 103.4% of the planned figures, while expenditures reached 96.8%, confirming the country’s financial stability. Deputies praised measures to ensure economic growth and budget stability, noting positive recognition from the International Monetary Fund, the World Bank, partner countries, rating agencies, and investors.

Budget revenues for the first half of 2025 amounted to 144.2 trillion soums, up 19.2% compared to the same period in 2024, with tax targets largely achieved. Expenditures reached 173.3 trillion soums, 16.0% higher than last year. Deputies emphasized that priority remains on ensuring social stability, improving living standards, and creating decent conditions for citizens. Social spending totaled 86.2 trillion soums, an increase of 12.1 trillion soums compared to last year, accounting for nearly half of all budget expenditures (49.8%).

The state fully fulfilled its social obligations: salaries, pensions, and scholarships were financed on time, earning positive feedback from citizens.

To support entrepreneurs, 12.1 trillion soums in VAT refunds were issued in the first half of 2025.

Thanks to business legalization measures, the number of VAT payers reached 230.4 thousand, 3.4% higher than last year.

Deputies also positively noted the implementation of 247 projects worth 326 billion soums under the “From Poverty to Prosperity” program in 205 disadvantaged mahallas, including the repair of 114 local roads, and the equipping of 73 schools and 24 medical facilities.

At the same time, parliamentarians pointed out existing shortcomings and the need to improve the executive discipline of local officials, as well as to strengthen parliamentary oversight to ensure timely and high-quality execution of the state budget and targeted fund budgets.

Following the session, deputies approved the report on the execution of the State Budget and the budgets of state targeted funds for the first half of 2025.