Tashkent, Uzbekistan (UzDaily.com) —  During the second plenary session of the Senate, the law "On Amendments to the Law of the Republic of Uzbekistan ‘On the State Budget of the Republic of Uzbekistan for 2024’" was discussed.

Systemic reforms are being implemented in the education sector to ensure that young people acquire modern knowledge and professions. In recent years, significant and effective work has been carried out in every mahalla, village, and even in remote areas to develop social and production infrastructure.

This year, in order to address the pressing social issues in the regions, particularly those related to the infrastructure of mahallas, as well as to implement state-important measures, decrees and resolutions have been adopted by the President of the Republic of Uzbekistan and resolutions by the Cabinet of Ministers.

In addition, a series of measures are being taken to align the country’s tax, customs, and budget legislation with the requirements of the World Trade Organization.

The law provides for an additional allocation of 2.5 trillion soums to increase the charter capital of commercial banks to support entrepreneurship and small business projects, 1.3 trillion soums for construction and renovation works to address the most urgent infrastructure issues in mahallas, and 840.5 billion soums for the Educational Credit Financing Fund to meet the high demand for educational loans and cover arrears that accumulated last year.

Additional funds will be allocated for social and economic development and the implementation of state-important activities, including 524.8 billion soums for the Cabinet of Ministers’ reserve fund and 200 billion soums for the Fund for Supporting Young Entrepreneurs.

The law optimizes some expenditures by reducing redundant positions, saving budget funds, and considering the planned resources for capital investments in the design, construction (reconstruction), and equipping of facilities, as well as the possibilities for the utilization of the current year’s budget expenditures.

As a result, the law increases the republican budget’s expenditures by almost 10 trillion soums.

Senators approved the law, emphasizing that all the amendments to the State Budget Law for 2024 are aimed at targeted, effective, and results-oriented use of funds allocated from the republican budget, addressing urgent issues, and financing their solutions.