A NEW OPEN BUDGET SYSTEM IN UZBEKISTAN TO ENSURE TRANSPARENCY IN THE BUDGET SYSTEM

Abstract

The introduction of fiscal policy transparency practices in the contemporary local financial management system is one of the prerequisites for increasing the socio-economic development of regions. Creating a transparent budget environment contributes to a faster and more effective solution to the region’s current problems. The lack of a sufficient level of budgetary transparency is a consequence of poor public interest consideration, which impedes the realization of their own democratic aspirations and freedoms. This article is aimed to look through the importance of budget transparency and its good effects on the budgetary system. The public finance transparency assessment of Uzbekistan has shown that its population needs a higher level of information disclosure, use of the latest information channels, and the creation of convenient forms of involvement in the budget process. The transparency evaluation results in the areas of budgeting, public procurement, disposal of property of the territorial community, etc. have been investigated. Besides, directions for improving Uzbekistan’s local authorities information policy are proposed to increase its transparency. KEYWORDS: Budget system, budget transparency, local budget, local budget indicators, fiscal policy, budgetary system, open budget system.