In the first half of 2026, Uzbekistan's state budget was executed with a surplus of 1.8 trillion soums ($149.6 million). According to the Ministry of Economy and Finance, budget revenues for January–June totaled 207.4 trillion soums, while expenditures totaled 205.6 trillion soums, Daryo.uz reports.
The positive balance was achieved primarily due to high revenues in March, when the surplus reached 10.1 trillion soums ($840 million). In June, revenues exceeded expenditures by 2.75 trillion soums. This is the first half-year budget surplus in at least nine years. By comparison, the budget deficit in the previous year was 29.1 trillion soums ($2.4 billion).
Analytical Commentary
The state budget surplus reflects Uzbekistan's improved financial position and the increased effectiveness of fiscal management. The increase in revenues to 207.4 trillion soums ($17.2 billion) is due to expanded economic activity, increased tax revenues, and the development of certain economic sectors.
At the same time, the budget surplus should be considered in the context of the authorities' overall monetary policy, which is aimed at maintaining macroeconomic stability, containing inflation risks, and more rationally managing public expenditures. Reducing dependence on external borrowing creates additional opportunities for sustainable development.
For the Central Bank of Uzbekistan, maintaining a balanced budget is an important factor in its monetary policy, as reducing pressure on public finances helps control inflation and strengthen confidence in the national currency. In the long term, a stable budget allows for greater allocation of resources to infrastructure, industrial development, and social programs.
CentralasianLIGHT.org
July 9, 2026