Strategy for further improvement of the public finance management system discussed
Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Finance, together with experts from the International Monetary Fund and other international financial institutions, has developed a Strategy for the further improvement of the public finance management system for the medium term.
Today, a meeting was held to discuss the main directions of reforming the public financial management system for the medium term, taking into account the priorities identified by the decisions of the President of the Republic of Uzbekistan.
The meeting was attended by representatives of various international organizations and embassies of foreign countries, national experts, representatives of the Cabinet of Ministers, the Court of Accounts, the Center for Development Strategy, the Ministry of Finance, the Banking and Finance Academy, media representatives, etc.
The draft Strategy for the Further Improvement of the Public Finance Management System combines in a single comprehensive document all reforms implemented and planned for implementation in the republic’s budget system and includes such directions as providing transparent and comprehensive information on public finances, developing a strategic approach to fiscal policy with a transition to performance and efficiency, increased fiscal responsibility and accountability.
The basis for the development of the Strategy was the assessment of the effectiveness of public finance management conducted in 2018 using the PEFA methodology, and an assessment of the transparency of public finance information in the fiscal sphere, conducted in accordance with the IMF Transparency Code (FTE).
Based on the results of these assessments and taking into account the shortcomings and problems in the current budget system, the draft Strategy identifies the following priority areas to be considered:
- revising the role of the government in the budget process, by establishing the supremacy of the budget and strengthening responsibility at all levels of government;
- ensuring transparent and comprehensive information on public finances by improving the coverage, comparability and integrity of budget information;
- developing a strategic approach to fiscal policy by strengthening the annual budget and managing public investment in developing a medium-term budget basis and switching to performance-oriented budgeting, managing tax risks, as well as government assets and liabilities;
- management of risks, assets and liabilities, by improving the disclosure, analysis and management of fiscal risks;
- strengthening fiscal responsibility and accountability by harmonizing budget reporting standards, developing internal control and audit functions, and strengthening external oversight of public finances, while ensuring greater public participation in the budget process;
- strengthening institutional capacity and legislative base by developing appropriate macro-fiscal functions and clear responsibility for macro-fiscal forecasts, increasing the transparency of public procurement and enhancing the role of Parliament.
At the same time, within the framework of this event, a presentation of the information publication “Budget for Citizens” was carried out according to the approved parameters of the State budget for 2019, as well as the example of the budget of the Tashkent region.
The information publication “Budget for Citizens” was prepared in cooperation with the United Nations Development Program, in addition to the Uzbek and Russian languages, for the first time presented in English.
The main purpose of the presentation of the information publication “Budget for Citizens” is to ensure the availability of information to the general public, to increase the effectiveness of mechanisms for joint cooperation with the public regarding the budget and improving literacy in the public sector.
It should be noted that the information publication "Budget for Citizens" was first published in 2018. During this time, the information publication “Budget for Citizens” was presented to the general public within the approved parameters of the State budget for 2018, as well as the draft budget for 2019.
With this publication, citizens can find answers to their questions.
In addition, citizens can familiarize themselves with the information publications “Budget for Citizens” for 2018-2019 on the website of the Ministry of Finance.