Tashkent, Uzbekistan (UzDaily.com) — The faction of the People’s Democratic Party of Uzbekistan in the Jokargy Kenes (Supreme Council) of the Republic of Karakalpakstan has proposed an initiative to create a child savings account for all newborns.

Developed by Deputy Chairman of the Jokargy Kenes, Rustam Saparbaev, the project was discussed at a faction meeting.

The idea aims to strengthen social support for families and create opportunities for long-term investments in children’s development.

The child savings account will allow for the accumulation of funds, which will become available for use when the child turns 18.

Parents, guardians, and sponsors will be able to contribute to the account, and the accumulated funds can be used for education, housing, or other legal purposes.

The initiators of the project emphasize that the implementation of child savings accounts will not only provide a financial base for children but also contribute to the development of investment thinking among citizens. It is expected that this will reduce dependence on state assistance, encourage savings, and foster a culture of saving.

The project also has long-term social benefits, such as reducing the burden on the state budget and strengthening Uzbekistan’s image as a social state. At the same time, account holders will be able to fulfill their constitutional obligations to care for their parents.

Participants in the meeting noted that the initiative aligns with the programmatic tasks of the People’s Democratic Party of Uzbekistan and the interests of its voters. The next step will be to present the project for discussion at a session.