Реферат: A Country Report and Profile - Republic of Uzbekistan

⁹ Net Material Product

1989 1990 1991 1992 1993

Total(Rb m)

At current prices 21,588 23,402 49,636 386,071 3,686,800

Real Change ( %) 3.1 11.3 -3.7 -14.4 -3.5

Per Head (Rb)

At current prices 1,091 1,157 2,407 18,287 170,622

Real change (%) 0.8 8.9 -5.5 -16.4 -5.7

*Derived from the World Bank mid-year population estimates.

Budget Deficit

Uzbekistan=s government budget has suffered from large deficits since the collapse of the Soviet Union. The IMF has put the 1993 fiscal deficit at 12% of GDP, while the governments figure released through the World Bank was 2.5%. The main reason for the deficits is lost revenue subsidies from the Soviet Union. Uzbekistan had one of the largest subsidy share of revenue compared to many of the other (CIS) countries. During the 1980s the proportion of revenue actually increased form 20.8% in 1987 to 43.2% in 1990. Soviet grants which has once accounted for 7% of GDP in 1987 rose to 19.5% of GDP by 1991.

¹⁰ III. Expenditure Policies and Assignments

Although Uzbekistan is now engaged in the necessary fiscal and revenue-raising reforms demanded by multilateral institutions, very little revenue is received from taxes. Corruption, weak institutions, economic recession and poor tax compliance have hindered revenue collection severely. The government claims that actual revenue to GDP has risen in recent years from 26.4% to 41%in 1993. Given continued state control of the economy, tax compliance among state enterprises would tend to be greater than in countries with a growing private sector, although figures may be overstated. On the expenditure side, increased outlays on defense and security, welfare payments, and subsidies to industry have been the most important developments since 1991. Increased expenditure was financed through huge expansion of domestic credit, montised by courtesy of the Russian Central Bank until 1993 when this tactical trend was eliminated once it was found to be unsustainable. The government then went to the IMF. The figures on the preceding page show this information

¹¹ State Budget (Rb bn)

1988 1989 1990 1991 1992 1993

Revenue 9.7 11.8 15.1 30.2 139.8 1,814.5

of which:

Turnover Tax 3.3 3.8 4.0 6.1 3.3 n/a

VAT 0.0 0.0 0.0 0.0 38.4 477.1

Excises 0.0 0.0 0.0 0.0 9.5 44.9

Company income Tax 1.7 1.3 1.5 3.8 23.9 382.9

Personal Income tax 1.1 1.5 1.3 1.8 11.4 145.3

Grants from Union Budget 2.3 3.6 6.4 11.4 0.0 0.0

Expenditure 10.1 11.0 14.9 32.4 193.9 1,923.4

of which:

Economy 4.6 5.0 8.1 5.9 20.9 392.7