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Role of the Treasury in the Financial System of Uzbekistan

Role of the Treasury in the Financial System of Uzbekistan. STA Liquidity Flows. Government Budget ( STA ). Republican Budget. Suppliers of budget organizations and budget recipients. Suppliers of budget organizations and budget recipients. Local Budgets. Suppliers of ГЦФ.

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Role of the Treasury in the Financial System of Uzbekistan

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  1. Role of the Treasury in the Financial System of Uzbekistan

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

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

  4. Treasury officer in charge of registration of legal obligations Contract Registration Budget organization Treasury E-contract certified by e-signature Requirements for contract registration Treasury officer in charge • 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

  5. Officer, Department of Registration of Financial Liabilities Payment Execution 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

  6. 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)

  7. Thank you!

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