On 12 October a session of The Cabinet of Ministers, chaired by Interim President of the Republic of Uzbekistan, Prime Minister Shavkat Mirziyoyev was held. The drafts of main financial-economic documents of the country for the coming year- main macroeconomic indicators forecast, concept of fiscal policy, State budget of the Republic of Uzbekistan and Job creation and employment program for 2016 have been discussed and additional measures adopted at the session.

Adopted systemic measures on implementing priorities of the economic program for 2016 and following years, which ensured preservation of macroeconomic stability and sustainably high rates of economic growth as well as execution of main parameters of the State budget, have been deeply analysed. 

The session participants discussed the proposals on the forecast of macroeconomic indicators of country’s development, developed by the Ministry of economy, Ministry of finance and the Central Bank of the Republic of Uzbekistan and providing for maintaining macroeconomic balance due to preserving dynamic growth rates of GDP, investments, industrial and agricultural production, construction works and services as well as suppressing inflation. 

The proposals on further improving fiscal policy for 2017 were considered in detail, which stipulate further improvement of tax administration, strengthening revenue part of the local budgets and target off-budget funds, as well as maintaining priority status of financing social obligations of the state. 

The extension of some tax exemptions, significantly mitigating the tax burden on the sectors of the economy has been identified among the most important measures on further reducing the tax burden. This measure will allow certain categories of taxpayers to strengthen their financial stability and to direct released funds for further development and modernization of production, increasing wages to workers and income of investors. 

At the meeting, the basic parameters of the State budget for 2017 were discussed. Continued high level of social orientation of the draft State budget with about 60 percent allocated to finance social spending have been particularly underlined. The implementation of measures to further increase salaries of public sector employees, pensions, social allowances and stipends, strengthen the material-technical base and equipment of educational institutions, health care and other social spheres will be continued in the following year. 

During the discussion, the attention of the heads of ministries, departments and territories was drawn to the need to ensure strict oversight over the efficient and targeted use of budgetary funds, allocated to the social sector and infrastructure, as well as financing of major investment projects and programs of socio-economic development of regions. 

Given the importance and the social significance of continuing active measures to improve employment, the parameters of the draft Program of job creation and employment for 2017 have been comprehensively and deeply analyzed. 

The draft program is aimed at further increasing the employment of the population through the mobilization of resources and reserves in the sectors of the economy, including as a result of ongoing large-scale measures for the modernization and development of industry, agriculture, industrial and social infrastructure, promotion and full support of services, small business and private entrepreneurship, expansion of all forms of home-based work. 

The meeting also discussed and worked out additional measures to ensure the employment of young people, especially graduates of professional colleges in 2016/2017 academic year. 

Based on the discussion at the meeting of the Government of the Republic decided to approve the forecast of key macroeconomic indicators, the concept of tax and budget policy and the draft state budget of the Republic of Uzbekistan and the Program on job creation employment for 2017 and submit them for consideration to the chambers of Oliy Majlis of Uzbekistan.