Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed the law on the state budget for 2024.

According to the document, if forecasts for budget revenues are not met after six months and in the absence of grounds for achieving them by the end of the year, a reduction in budget expenditures is envisaged.

The decision to reduce expenses by more than 3% is made by both chambers of the Oliy Majlis, and if less than 3%, by the Cabinet of Ministers.

The consolidated budget deficit for 2024 is set at 4% of GDP or 52.6 trillion soums.

Having planned consolidated budget revenues in 2024 in the amount of 375.0 trillion soums, and expenses in the amount of 427.6 trillion soums.

Income and expenses of state trust funds (excluding interbudgetary transfers) are planned in the amount of 55.2 trillion soums and 85.8 trillion soums.

The net volume of government bonds is limited to 25 trillion soums.

The social focus of budget expenditures will continue next year, and about 50% of the total expenditures of the State budget or 151.5 trillion soums will be allocated to education, healthcare, social protection, development of science, culture and sports, provision of housing for those in need and other social activities.

Public debt should not exceed the macroeconomic safe level of 60% of GDP, and in the medium term - 50% of GDP.