THE ROLE OF BUDGET POLICY IN ENSURING REGIONAL FINANCIAL SECURITY: THE CASE OF UZBEKISTAN

Abstract

This paper explores the critical role of budget policy in ensuring regional financial security in Uzbekistan. As the country advances its fiscal decentralisation agenda, the financial autonomy and stability of local budgets have become increasingly important. The study analyses the relationship between budget revenue distribution, inter-budgetary transfers, and regional fiscal resilience. Empirical data from 2020 to 2023 reveals persistent disparities in revenue generation and dependency on central funding among regions. The findings highlight that effective budget planning, diversification of local revenue sources, and enhanced fiscal discipline are essential for achieving financial security at the regional level. The paper concludes with targeted policy recommendations aimed at strengthening regional financial frameworks and promoting equitable development across Uzbekistan’s territories.