Role of the Treasury in the Financial System of Uzbekistan

Government Budget (STA) STA Liquidity Flows Local Budgets Suppliers of budget organizations and budget recipients Republican Budget Suppliers of ГЦФ Budgets of ГЦФ Government Budget (STA)

Chief Financial Control Ex-ante and Current Spending Controls 1 stage 2 stage 3 stage Ex-ante control Current control Ex-post control Division for registration of legal obligations Internal Treasury Control Treasury operations control of financial obligations Chief Financial Control Directorate and its territorial branches

Contract Registration Budget organization Treasury E-contract certified by e-signature Requirements for contract registration Treasury officer in charge Treasury officer in charge of registration of legal obligations STAFF CONTROL: Compliance with rules for treasury budget execution Compliance with budget limits under relevant budget classification FMIS E-registration of contract once it is registered by the officer in charge

Payment Execution Budget organization Treasury E-payment Officer, Department of Registration of Financial Liabilities Budget organization Treasury E-proforma invoice and payment request certified by e-signature E-payment STAFF CONTROL: Invoice compliance with payment order and contract Supplier of goods (works, services) Bank FMIS CONTROL: Compliance of type of good, price, quantity, and value to invoice and contract Correct legal name and bank references Funds

Prospects for Treasury Development in Republic of Uzbekistan in 2019-2021 IMPLEMENTING TREASURY BUDGET ADMINISTRATION -Pilot implementation of treasury administration of revenues from public contracts (agreements) entered into by government clients as part of government development programs. -Dissemination of Treasury budget admintiration across the Republic (2021 – 2022) EFFECTIVE PUBLIC FINANCE MANAGEMENT -Introduce a settlement center to manage idle STA cash - Introduce new tools to manage idle STA cash (purchase and sale of securities under REPO transactions with banks) (2020 – 2022) FOREIGN CURRENCY ASSET AND LIABILITY MANAGEMENT - Consolidation of foreign currency resources of budget organizations and earmarked funds in STA by currency types (2019) - Managing foreign currency transactions and accounting for foreign currency resources of budget organizations and earmarked funds in FMIS (2019 г.) - Consolidation of foreign currency budget STA inflows (2019.) - Managing foreign currency transactions and accounting for external debt in FMIS (2019) - Placing idle STA foreign currency funds in domestic and foreign deposits through their effective management (2021 – 2022)

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