Senate underlined that the Budget Code is a legislative document of direct action, which will ensure single legislative base and system of its execution.

The budget code systematizes all budget process (forming, approving and executing the State Budget and controlling of its execution) in the unified and coherent legislative document. It will also ensure use of common regulatory principles for the State budget and off-budget funds and defines powers of all the participants in the budget process and the mechanisms of their interaction, as well as improves inter-budgetary relations, etc.

The code determines several additional directions and spheres, sources and mechanisms related to the State Budget, including order of attracting grants and technical assisting, monitoring and control of their use, attracting loans and conducting public procurement, and other issues.

Senators said that adoption of the Budget Code along with Tax Code will form single unified legislative base of public financing, which meet international standards. It will also systematize budget relations and ensure use of single legal norms and approaches at all stages and levels of budget, as well as transparency and budget system of Uzbekistan. The law was approved by the Senators.

Senators also considered law “On introduction of changes and amendments, as well as abolishment of some legislative acts of Uzbekistan in connection with adoption of the Budget Code of Uzbekistan”. The document was developed to improve legislation and harmonize some laws with Budget Code of Uzbekistan.

The law introduces changes and amendments to laws “On state bodies in places”, “On external borrowing”, “On accounting”, etc. At the same time, the laws “On budget system” and “On treasury execution of the State Budget” will be abolished.