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IMF ready to support Uzbekistan in economy reforming

The International Monetary Fund (IMF) is ready to provide support to Uzbekistan in reforming its economy, the IMF said in a message after the visit of its mission led by Mr. Albert Jaeger to Tashkent July 17–24.

“The IMF stands ready to provide further technical cooperation and policy advice to support the authorities’ reform plans,” the IMF said.

The mission welcomed the authorities’ comprehensive plans to reform the economy, based on the 2017-21 strategy for further developing Uzbekistan approved by President Shavkat Mirziyoyev.

“If implemented in a timely and effective manner, these plans could significantly strengthen the economy’s ability to create good jobs and sustainable growth,” the IMF said.

The mission especially welcomed the authorities’ plan to frontload reforms of the foreign exchange system.

“Unifying exchange rates and allowing a market-based allocation of foreign exchange resources would allow the Central Bank of Uzbekistan (CBU) to pivot to a stability-oriented monetary policy capable of effectively controlling inflation,” the IMF said.

The mission also welcomed the authorities’ determination to work toward improving the quality and transparency of economic statistics. The mission also welcomed the authorities’ intention to join the IMF’s enhanced General Data Dissemination System (e-GDDS).

It was agreed that the next Article IV consultation will take place in fall 2017.