Journalists Learn About the Treasury Based Budget Execution

Jun 4, 2015

It is assumed that to discuss complicated issues like a treasury based system of the budget execution or other topic related to budgetary sphere, the experts in the field of finance and economics or practitioners from the budgetary organizations are usually involved. However, workshop entitled "Treasury based system of the State budget execution" was organized for the representatives of the so called 4th power, i.e. for the journalists who cover the events taking place in the economic and fiscal policy in the media. The specialists, who go into the financial world through their pens or TV and radio reports got together to discuss the specifics of the treasury based system of the State budget execution.

Treasury is an authorized financial body, which, together with its territorial divisions, is engaged in the state budget execution. It is the Treasury that deals with the storage and spending of the State budget, and its activity is based on the respect for the principle of a "unity of cash" that includes receiving, storing and paying budgetary resources from a single account.

With the establishment of the Treasury the principles of the state budget execution have been revised, taking into account changes in processes and distribution of responsibilities, as well as the creation of a transparent system for vertical control. In addition, the introduction of treasury based budget execution gave a push to the development of information and communication technologies in the country by boosting the installation of fiber optic cable in all regional and district centers of the republic.

The workshop consisted of several sessions covering the concept, the role, functions and the structure of the Treasury of the Republic of Uzbekistan. The participants considered legal and regulatory framework, the specifics of the treasury based system of the State budget execution in terms of both revenue and expenditure sides. The questions and answers session caused lively interest of the journalists.

At the end of the workshop the participants were awarded certificates.

The workshop was organized by the UNDP ‘Budget System Reform in Uzbekistan’ project jointly with the Training Center under the Ministry of Finance.

Treasury based system of the State budget execution is a quite complicated topic especially for those who are not experts in the field of finance. To make explanation more popular and comprehensible, the project has developed info-graphic reflecting the process of money and document circulation both in terms of revenue and expenditure sides.  Though the process is quite complicated we tried to show the process of how money is accumulated at the Treasury Single Account and how the budget system expenses are paid from the Single Account.

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