THE CONCEPT OF OPENNESS AND TRANSPARENCY OF BUDGET

Abstract

For the time being more and more scientists as well as many individuals have been asserting
about openness and transparency of budgets. Even in the legal acts these terms have been
reported several times. To illustrate, in the first paragraph of decree of the President of the
Republic of Uzbekistan which was passed on 30th December 2019 to achieve and enhance the
level of fiscal transparency is stated as one of the most important part of the financial strategy
of the country for 2020-2024. So, what do fiscal transparency and openness of budget mean?
Fiscal transparency refers to the publication of information on how governments raise, spend,
and manage public resources. More specifically, it means publication of high quality
information on how governments raise taxes, borrow, spend, invest, and manage public assets
and liabilities.