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Middle East and Central Asia > Uzbekistan, Republic of

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Cover IMF Working Papers
Efficiency Costs of Myanmar’s Multiple Exchange Rate Regime
Masahiro Hori
and
Yu Ching Wong
Myanmar's multiple exchange rate system creates various economic distortions. This paper describes the exchange rate practices in Myanmar, develops a model of foreign exchange markets, and presents the efficiency costs imposed by quasi-fiscal operation under the current exchange rate regime. The results of our model-based analyses indicate that the equilibrium exchange rate under the unified market could be at around K 400-500 per U.S. dollar, and using the equilibrium exchange rate (instead of the official exchange rate) as the accounting rate increases trade openness to more than 20 percent from less than 1 percent measured by official statistics. The total efficiency loss caused by the current multiple exchange rate regime is estimated at about 14-17 percent of GDP in 2006/07.
Keywords:
WP; exchange rate
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2008 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Uzbekistan
International Monetary Fund
This 2008 Article IV Consultation highlights that the Uzbek economy has performed well in recent years. The favorable external environment and improvements in macroeconomic policies resulted in high growth rates, large current account surpluses, a significant decline in the debt burden, and a more than quadrupling of foreign exchange reserves from 2003 to 2007. Executive Directors have commended the authorities for Uzbekistan’s continued strong economic performance, which has benefited from a generally favorable external environment and an improved policy framework.
Keywords:
ISCR; CR; consultation informational annex; consultation; Uzbek economy; Uzbekistan; foreign direct investment inflow; Uzbek authorities; U.S. dollar; broad money growth; Inflation; Fiscal stance; Global; article IV consultation discussion; IMF office; Budget planning and preparation
Cover IMF Staff Country Reports
Republic of Uzbekistan: Poverty Reduction Strategy Paper: Joint Staff Advisory Note
International Monetary Fund
The Joint Staff Note (JNS) reports that Welfare Improvement Strategy (WIS) showed a commendable effort under the Poverty Reduction Strategy Paper (PRSP) in Uzbekistan. They stressed that implementation capacity within the government would have to be strengthened. Executive Directors agreed that strong implementation of the WIS and strengthening of WIS policy analysis and design would help reduce poverty and achieve the Millennium Development Goals (MDGs). They stressed the need for contributing toward the cost of programs and policies, establishing methods and institutions for its monitoring and evaluation, and providing technical assistance for raising the standards of WIS formulation and implementation.
Keywords:
ISCR; CR; government; WIS documents poverty trend; WIS agenda; WIS policy analysis; income poverty diagnosis; gradualist approach; poverty analysis; government of the Republic of Uzbekistan; WIS lack specificity; state intervention; Poverty reduction; Poverty reduction strategy; Structural reforms
Cover IMF Staff Country Reports
Republic of Uzbekistan: Poverty Reduction Strategy Paper
International Monetary Fund
The Welfare Improvement Strategy (WIS) of Uzbekistan has the objective of improving living standards of its people with the help of strong economic policies for all priority areas of development. The report reviews economic and social policies and assesses the living standards of its people. It also reviews the macroeconomic policies for implementing goals and priorities of the WIS in individuals and estimates the cost for the same. Studies show the need for forming a conceptual framework for the WIS implementation process as well as for monitoring and evaluating the policy strategies.
Keywords:
ISCR; CR; economic growth; medical care; private sector; public utility; gross domestic product; poverty rate; economic policy; Income; Global; Central Asia
Cover Guide on Resource Revenue Transparency (2007)
Guide on Resource Revenue Transparency (2007)
International Monetary Fund

Abstract

The Guide on Resource Revenue Transparency applies the principles of the revised IMF Code of Good Practices on Fiscal Transparency (‘the Code’) to the unique set of transparency problems faced by countries that derive a significant share of their revenues from natural resources and need to address complex and volatile transaction flows. The Guide identifies and explains generally recognized good or best practices for transparency of resource revenue management. It supplements the IMF Manual on Fiscal Transparency. The Guide has been revised to reflect the new Code and to provide more recent examples of good practice by individual countries. It is designed to give a framework for assessing resource-specific issues within broader fiscal transparency assessments (including so-called ‘fiscal ROSCs’). The Guide has been used by the governments and legislatures of resource-rich countries, civil societies, providers of technical support, and interested academics and observers.

Keywords:
M&G; resource; government; unit resource rent; audit; hydrocarbon resource; mineral depletion; export proceeds; World Bank world development indicators definition; budget documentation; A budget calendar; Budget planning and preparation; Natural resources; Oil; Global; Africa; Asia and Pacific; North America; Northern Europe
Cover Annual Report on Exchange Arrangements and Exchange Restrictions 2007
Annual Report on Exchange Arrangements and Exchange Restrictions 2007
International Monetary Fund. Monetary and Capital Markets Department

Abstract

Only the IMF is officialy responsible for reporting the foreign exchange arrangements, exchange and trade restrictions, and prudential measures of its 185 member countries. This report draws upon information available to the IMF from a number of sources, including data provided in the course of official staff visits to member countries. Published since 1950, this authoritative, annually updated reference is based upon a unique IMF-maintained database that tracks monetary exchange arrangements for each of its 185 members, including historical information, along with entries for Hong Kong SAR (People's Republic of China) and Aruba and Netherlands Antilles (both Kingdom of the Netherlands). An introduction to the volume provides a summary of recent global trends and developments in the areas covered by the publication. It also provides insight into the types of capital controls most frequently used by countries dealing with increased capital inflows. Individual chapters for each member country report exchange measures in place, the structure and setting of exchange rates, arrangements for payments and receipts, procedures for resident and nonresident accounts, mechanisms for import and export payments and receipts, controls on capital transactions, and provisions specific to the financial sector. A separate section in each chapter lists changes made during 2006 and the first half of 2007. Information is presented in a clear, easy-to-read tabular format.

Keywords:
AREAER; foreign exchange account; exchange arrangement; EU regulation; investment portfolio; investment regulation
Cover IMF Working Papers
Rapid Growth in Transition Economies: Growth-Accounting Approach
Mr. Garbis Iradian
This paper uses the growth-accounting approach to determine the sources of growth in transition economies. The central conclusion is that the estimated total factor productivity (TFP) growth for the former Soviet Union republics were significantly higher than other fast growing economies. A key question for prospective growth is whether the TFP gains achieved thus far have already eliminated most of the inefficiencies of central planning-and will therefore soon fade away. Underutilized labor combined with the recent trend of faster capital accumulation may play a more important role in the medium-term growth.
Keywords:
WP; TFP growth; technical efficiency; CIS country; physical capital
Cover Regional Economic Outlook, May 2007, Middle East and Central Asia
Regional Economic Outlook, May 2007, Middle East and Central Asia
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

Strong economic performance across the Middle East and Central Asia is examined against the background of high prices for energy and other commodities. Common economic trends are presented, while prospects and policies are reviewed for the coming year in light of the global economic environment. This latest REO includes boxes treating specific regional topics, such as financial sector reforms and integration in Maghreb countries; economic developments in oil-exporting countries in response to changes in petroleum prices; and the growth boom in the Caucasus and Central Asia.

Keywords:
REO; country; price; government; quote; oil price; Brent crude; commodity price; debt ratio; nominal exchange rate; emerging market country; Oil prices; Oil; Inflation; Emerging and frontier financial markets; gas and mining taxes; Global; Middle East and Central Asia; Maghreb
Cover IMF Working Papers
Tax Potential vs. Tax Effort: A Cross-Country Analysis of Armenia's Stubbornly Low Tax Collection
Mr. David A. Grigorian
and
Mr. Hamid R Davoodi
Despite recording double digit growth since 2000, Armenia's tax-to-GDP ratio has been fairly stable at about 14½ percent. This paper catalogues a range of factors that may account for Armenia's stubbornly for tax collection by benchmarking Armenia's tax-to-GDP against some comparator countries and conducting an extensive econometric study of the main determinants of tax collection. We find empirical support for the hypothesis that the persistence of Armenia's low tax-GDP ratio can be traced to persistence of weak institutions and a large shadow economy. The gap between the potential and actual tax collection in Armenia could be as high as 6½ percent of GDP. We conclude with some policy recommendations that, if adopted, can boost revenue buoyancy.
Keywords:
WP; Armenia; tax revenue; tax potential; tax collection; institutions; shadow economy; tax-to-GDP ratio; CIS country; tax effort; revenue buoyancy; VAT collection; tax performance; tax morale; small share; Income and capital gains taxes; Tax administration core functions; Informal economy; Middle East and Central Asia
Cover IMF Staff Country Reports
Kyrgyz Republic: Staff Report for the 2006 Article IV Consultation, Third Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Structural Performance Criterion
International Monetary Fund
The Kyrgyz authorities have maintained macroeconomic discipline in recent years, despite a challenging political environment. This 2006 Article IV Consultation highlights that the economic activity is rebounding in 2006, with year-over-year real GDP growth of 3.2 percent through September, after a slight contraction in 2005. Inflation is projected to rise slightly to just below 6 percent during 2006. Remonetization has gathered pace in recent years, but the financial system remains relatively shallow by international standards. Comprehensive financial reforms are under way and are slated to gain momentum under the IMF-supported program.
Keywords:
ISCR; CR; Kyrgyz authorities; government; Kyrgyzstan; government authorization; Bank FSAP update mission; staff visit; fund staff; PRGF arrangement; Currencies; Capital spending; Central Asia