OREANDA-NEWS. August 13, 2013. A series of roundtable discussions has been launched at the Ministry of Finance of the Republic of Uzbekistan to address further perfection of the legislative basis of the budget system and deliberate on the draft Budget Code of the Republic of Uzbekistan.

The first day of the panel discussion was attended by heads of departments and finance-planning sections of the Ministry of Public Education, the Ministry of Higher and Secondary Special Education, the Ministry of Healthcare, the Ministry of Culture and Sports, the Ministry of Economy, the Ministry of Foreign Affairs, the Ministry of Agriculture and Water Resources, the Ministry of Labor and Social Security of the Republic of Uzbekistan, their jurisdictional organizations as well as other interested ministries, state committees and agencies of the country.

The roundtable discussion has included a presentation of the draft Budget Code facilitating a comprehensive understanding of the content and significance of the bill under deliberation. In particular, the draft Budget Code defines the fundamentals of the budget system, its structure, principles, normative relationships, budget powers, the budget process and inter-budget relations, foundations of government loans, budget accounting and accountability, control over budget execution and liability for the breach of budget legislation.

As it was noted, the draft Budget Code is built on norms and provisions of two basic laws of the country – that on Budget System and the one on Treasury Execution of the State Budget – as well as other normative acts and is a document of direct action that ensures the integrity of the legislative base and the system of its enforcement.

Also, the methods of forecasting and budget execution that suit the international practice have been improved in the process of elaborating the unified legislative document that regulates the budget process.

The panel discussion contributors stressed that the event has helped address comprehensively the norms and provisions of the draft Budget Code.

It was underlined that the new code is going to help simplify the work of all participants of the budget process and form – in tandem with the Tax Code in force – an integrated, unified legislative base of state finances that meets international standards.