The public finance sector: analysis of the current state and development prospects

Abstract

The article is dedicated to analyzing the current state of the public finance sector and its prospects in the context of modern economic realities. It examines the financial condition of the Kyrgyz Republic for 2023, focusing on budget revenues and expenditures, the structure of tax and non-tax revenues, as well as the dynamics of public debt and measures for its management, and the improvement of budget planning and control transparency. In the reporting year, Kyrgyzstan achieved a budget surplus of 1.0% of GDP, thanks to a 28.6% increase in tax revenues. One of the key development directions is the continuation of fiscal consolidation and the digitalization of tax and customs procedures. The article also discusses changes in budget expenditures, a 17.2% increase in public debt, and higher costs for servicing it. The development of the government securities and treasury obligations market played an important role in financing the budget. The volume of GKO issuance significantly increased, and the weighted average yield rose to 15.6%. The conclusion emphasizes the importance of sustainable public finance management, efficient use of financial resources, and attracting investments to ensure Kyrgyzstan's economic growth in the future.