Structural changes in the management of funds of the State budget of the Republic of Uzbekistan and prospective directions of further development of its Treasury execution were in the center of attention of the participants of the press conference held in the capital. It was organized by the Treasury of the Ministry of Finance of Uzbekistan and the Training center under the Ministry.
During the years of independence, our country underwent large-scale work on introduction of new mechanisms and methods of execution of the State budget, management of budget funds and ensuring their proper use. The State budget execution system of Uzbekistan has been transferred to a Treasury system, which takes into account the best practices of the financial systems of several developed countries and their principles, fully meets international standards.
The speakers noted that Uzbekistan’s transition to a Treasury system of State budget execution has served to radically reform the budgetary processes, introduction of modern ICT in financial administration, as well as the creation of a completely new mechanism for the control of target use of budgetary funds.
The Treasury system has provided an opportunity for budget organizations to address a number of issues of securing the proper enforcement of the budget legislation, abolished the outdated and ineffective legislation.
The undertaken measures helped to consolidate the budget funds on a Single Treasury account, improved allocation of budget funds and reduced the time of payment of wages and turnover budget.
It was also noted that the Treasury system of state budget execution has imposed new controls: “pre and current” control. This mechanism ensures the control over the expenditure of the budgetary system through the Single Treasury account and to maintain strict control over disbursements of funds under the concluded contracts between public-sector organizations and suppliers of goods.
In order to ensure the execution of objectives on establishment of an effective Treasury system and streamlining the regulatory framework, the period 2007-2015 saw structural and legal reforms in the area of public finance management.
The press conference also provided detailed information about the challenges the Treasury system will face in the near future.
