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Middle East and Central Asia > Uzbekistan, Republic of

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Cover IMF Staff Country Reports
Uzbekistan: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes developments in the domestic economy of Uzbekistan. The paper highlights that after declining by 17½ percent during 1992–94, real GDP fell by only about 1 percent in 1995. The moderation in the output decline was due in part to a strong performance in the agricultural sector. Agricultural output grew by about 2 percent in 1995, owing to increases in grain production, while activity in the industrial, construction, transport, communications, and trade sectors continued to decline.
Keywords:
ISCR; CR; enterprise reform; trading partner; privatized enterprise; consumer goods; excess reserves; self-financing enterprise; rate of inflation; nonresident enterprise; corporatized enterprise; monopoly enterprise; Agricultural commodities; Exports; Currencies; Imports; Central Asia
Cover IMF Staff Country Reports
Tajikistan: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in the Republic of Tajikistan during 1992–95. Aggregate production, dominated by the cotton and aluminum sectors, continued its decline in 1994, falling by an estimated 21 percent to less than half its 1991 level. GDP declined a further 18 percent in the first quarter of 1995 over the same period a year earlier. With production sharply lower across all sectors of the economy, recorded unemployment reached almost 8 percent of the labor force at end-1994, although less than 2 percent were officially registered as unemployed.
Keywords:
ISCR; CR; currency unit; U.S. dollar; debt service; foreign exchange; commercial bank; exchange rate; Currencies; Agricultural commodities; Exports; Imports; Central Asia
Cover IMF Working Papers
Recent Trade Policies and An Approach to Further Reform in the Baltics, Russia, and Other Countries of the Former Soviet Union
Mr. Michael P. Leidy
and
Mr. Ali Ibrahim
This paper reviews the extent to which the Fund’s trade policy advice to the Baltic countries, Russia and other countries of the Former Soviet Union has been implemented. It broadly traces the evolution of trade policies, emphasizing the period from mid-1993 through end-1995, attempting to identify some of the factors affecting uneven progress in trade reform. Based on insights from the public choice literature on endogenous policy theory, the paper makes recommendations for refining Fund advice with a view to facilitating future progress on the trade-policy front.
Keywords:
WP; export tax; factor market; customs union; government import program; trade regime; FSU country; order system; free trade; exchange rate; Tariffs; Exports; Imports; Trade policy; Trade liberalization; Baltics
Cover IMF Working Papers
Fiscal Transition in Countries of the Former Soviet Union: An Interim Assessment
Mr. Jeffrey M. Davis
This paper reviews the uneven record of fiscal performance in the states of the former Soviet Union since independence. Deficits have come down rapidly, an important contribution to stabilization. Given, however, the unexpectedly severe revenue decline and limited financing, the stabilization was reached by sharp cuts in expenditure. The cuts were abrupt and not focused on transition goals, and the instruments used vitiated normal budgetary processes. Hence, benchmarks of fiscal success other than stabilization are elusive. Government intervention and subsidies remain important, social spending is inefficient, and there is little evidence in the budget of restructuring.
Keywords:
WP; government expenditure priority; FSU government; government intervention; subsidy entitlement; General government deficit; government capital formation; government procurement; reform government; state enterprise; governments' inability; Budget planning and preparation; Arrears; Privatization; Social assistance spending; Baltics
Cover IMF Working Papers
Capital Inflows in the Baltic Countries, Russia, and Other Countries of the Former Soviet Union: Monetary and Prudential Issues
Mr. Alain Ize
Significant capital inflows were observed during the first half of 1995 in a number of FSU countries. This paper reviews the recent experience of those countries with significant inflows, examines policy responses in view of the current macroeconomic and institutional environment, discusses the use of monetary and prudential instruments to sterilize or discourage inflows, and reviews operational considerations for conducting sterilization operations.
Keywords:
WP; FSU; market; bank; monetary policy; cost; FSU country; nominal exchange rate; market liquidity; sterilization instrument; financial situation; Sterilization; Capital inflows; Inflation; Reserve requirements; Monetary base; Baltics
Cover IMF Staff Country Reports
Russia: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Russia; banking system; fund staff estimate; book value; consumer price index; debt service; CBR credit; FSU transaction; fund staff calculation; fund staff; ruble deposit; CBR overdraft rate; net credit; net CBR foreign exchange; Commercial banks; Credit; Correspondent banking; Exports; Oil; Baltics
Cover IMF Staff Country Reports
Belarus: Recent Economic Developments
International Monetary Fund
This paper describes economic developments in Belarus during 1992–94. The difficult economic situation facing Belarus in 1992 and 1993 continued unabated in 1994. Two political developments compounded the economic problems in the first half of the year. Efforts were aimed at alleviating or mitigating the effects of the downturn in output on living standards in the run-up to the country’s first presidential elections. In September 1994, the government developed a comprehensive macroeconomic and structural adjustment program, or “Anti-Crisis Program,” which was approved by the parliament in October.
Keywords:
ISCR; CR; U.S. dollar; gross domestic product; exchange rate; state enterprise; foreign currency; national bank; Currencies; Inflation; Commercial banks; Europe; Eastern Europe; Western Europe
Cover IMF Working Papers
Price Measurement and Mismeasurement in Central Asia
Mr. Vincent Koen
The vertiginous increases in the overall price level and dramatic swings in relative prices experienced by Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan since the onset of the transition rendered their traditional Paasche retail price indices obsolete and called for the introduction of Laspeyres consumer price indices. While the latter represent a major improvement, several measurement or interpretation issues remain, reflecting various potential index number biases, dispersion of prices and inflation across geographical areas and social groups, discontinuities in the inflation process, residual shortages, and seasonality.
Keywords:
WP; price index; base period; purchasing power; unit price; hybrid CPIs; CPI basket; CPI display; computed price indices; price level dispersion; price decontrol measure; revised RPI; recovery ratio; appropriate consumer price indices; expenditure pattern; price collector; liberalization proceeds; Consumer price indexes; Inflation; Price indexes; Consumption; Income; Central Asia
Cover IMF Staff Country Reports
Kyrgyz Republic: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in the Kyrgyz Republic during 1990–95. From October 1993 onward, the authorities vigorously pursued restrictive credit policies, which led to monthly inflation rates falling from more than 30 percent in September and October 1993 to low single-digit levels from the spring of 1994 onward. In early 1994, all of the structural measures contemplated under the 1993 program were implemented. In May 1994, the government formulated a comprehensive medium-term economic program (1994–97) to stabilize further the economy and accelerate its structural transformation.
Keywords:
ISCR; CR; personal property; Kyrgyz enterprise; capital base; inflation rate; enterprise privatization; financial situation; b. enterprise privatization; enterprise arrears; loss-making enterprise; public sector enterprise; joint stock; enterprises book; trucking enterprise; Credit; Commercial banks; Imports; Currencies; Central Asia
Cover IMF Staff Country Reports
Uzbekistan: Background Paper and Statistical Appendix
International Monetary Fund
This Background Paper and Statistical Appendix highlights that starting in 1994, financial policies in Uzbekistan were tightened so as to reduce inflation and stabilize the exchange rate in anticipation of the introduction of the new national currency, the sum. The Central Bank of Uzbekistan raised the interest rate on its rediscount credits several times and credit to loss-making state enterprises was curtailed. The average monthly rate of price increase fell from more than 22 percent in the first half of the year to less than 2 percent in the third quarter, partly in reflection of seasonal factors.
Keywords:
ISCR; CR; U.S. dollar; exchange rate; trade balance; trading partner; consumer goods; balance of payments; savings bank; monopoly enterprise; trade surplus; b. enterprise reform; Agricultural commodities; Exports; Currencies; Exchange rates; Eastern Europe; Central Asia; Baltics