Tajikistan’s lower house (Majlisi Namoyandagon) of parliament has endorsed a draft law on the country’s national budget for 2018 and forecast indicators for 2019-2020.
A regular sitting of the Majlisi Namoyandagon, presided over by its head, Shukurjon Zuhurov, took place on November 15.
Presenting the daft national budget for 2018 to lawmakers, Finance Minister Adbusalom Qurboniyon the budget indicators reflect the economic and social development of the country.
Social spending will account for nearly 50 percent of budget allocations, with more than 30% earmarked for public education alone.
Qurboniyon said revenues are projected to be 21.003 billion somoni (TJS), which is 7.0 percent or TJS1.3 billion more compared to the 2017 national budget, and expenditures at 21.337 billion somoni (more than 1.4 billion somoni more compared to the 2017 national budget).
According to him, the budget deficit (334 million somoni, which is equal to 0.5 percent of the country’s GDP) is expected to be covered due to attraction of grants and loans and sale of state-owned properties.
“GDP growth is projected to rise 7.0 percent next year to more than 66.8 billion somoni, while the inflation rate is expected to be 7.0 percent,” the minister said.
The budget projects expenditure of 3.8 million somoni in the education sector and more than 1.5 billion somoni in the health sector, according to Qurboniyon.
In 2018, 1.462 billion somoni are expected to be spent on the transportation-communication system.
The budget earmarks 3.2 billion somoni for implementation of investment projects, the minister noted.
The budget projects expenditure of nearly 1.234 billion somoni for external debt service.
The somoni exchange rate against the U.S. dollar is expected to slide to 9:1 in 2018.
