Tashkent, Uzbekistan (UzDaily.com) -- A Resolution of the Cabinet of Ministers of the Republic of Uzbekistan "On approval of the Strategy for improving the public finance management system of the Republic of Uzbekistan for 2020-2024" was signed.

It was developed with the support of the International Monetary Fund and a number of other international financial institutions.

The strategy combines in one document the specific goals, objectives and main directions of ongoing and planned reforms in our country in the field of finance.

It is worth noting that it was developed on the basis of an analysis of the current budgetary system carried out by the World Bank in 2018 using the PEFA methodology; results of assessing the effectiveness of public finance management, as well as diagnostic assessments of fiscal transparency within the framework of the International Monetary Fund Transparency Code.

The strategy is divided into six main areas, such as providing the general public with detailed information on public finances and ensuring transparency, developing strategic approaches for the transition to fiscal policies aimed at achieving efficiency and effectiveness, and increasing the responsibility and accountability of participants in the budget process.

1-direction - Development of the foundations of medium-term budgeting and the introduction of a new system for the formation of an annual budget "based on results" in order to implement a strategic approach to budgetary and tax policy;

2-direction - Increasing the institutional capacity and responsibility of the participants in the budget process to ensure the reliability of macro-fiscal forecasts;

3-direction - Increasing the powers and accountability of budget managers and local governments in the field of the budget and strengthening their responsibility;

4-direction - Assessment of fiscal risks, accounting for financial assets and liabilities, as well as the implementation of an effective management system;

5-direction - Strengthening financial discipline by unifying budget reporting standards, improving the system of internal control and audit, as well as strengthening parliamentary and public control over the budget process;

6-direction - Ensuring transparency, completeness of budget information and its compliance with international standards.