In his address to a joint meeting of both chambers of parliament, President Emomali Rahmon said yesterday that the overall amount of state budget expenditures for social sectors will increase over the next three years, with 61 billion somonis (TJS) allocated for this purpose.

The Ministry of Finance, along with the relevant government agencies and authorities are obligated to intensify the process of digitalization of the finance and tax spheres and promptly establish a comprehensive system of digital financing in order to ensure revenue indicators of the state budget, efficiency of its expenditures, and full coverage of possible sources of budget incomes.

“Within the next two years, the Ministries of Finance, Economic Development and Trade, as well as the National Bank and other ministries and agencies, should implement a non-cash payment system in all sectors, including in the trade and service points, and assure the integration of efforts in this direction.

The above ministries and agencies should take the required steps to develop securities market, particularly the «green» securities and secondary market in order to attract domestic and foreign capital,” the president said, noting that the assets of the country’s financial and credit structures arose by 22% in 2023 compared to the previous year, totaling 39.6 billion somonis.

The banking system’s loan offer reportedly rose 31.1 percent in 2023 compared to 2022, totaling 18.5 billion somonis.

The total amount of small loans provided scaled by 32.1%, totaling 13.3 billion somonis.

Loans to women entrepreneurs grew by 30% and reached 4.8 billion somonis.

During this period, the overall savings of the population and legal entities in domestic credit organizations reportedly scaled by 32%, reaching 18.6 billion somonis.

The president further noted that it is necessary for the National Bank and credit organizations to make extra efforts in order to find other sources of funding and, in this context, to enhance the offer of long-term, affordable, and low-interest loans, as well as complete deployment of the digital banking system in all regions of the country and widespread use of financial technologies.