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Middle East and Central Asia > Uzbekistan, Republic of

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Cover Technical Assistance Reports
Republic of Uzbekistan: Technical Assistance Report-Report on National Accounts Mission (July 24–August 4, 2023)
International Monetary Fund. Statistics Dept.
A technical assistance mission assisted the Statistics Agency under the President of the Republic of Uzbekistan (SA) in conducting a major revision of national accounts time series. Based on the results of the 2023 survey on non-observed economy (NOE) in hotels, restaurants, and other services, the 2024 major revision increases the nominal GDP for 2017–2023 in the range of 10–12 percent. The mission reviewed the results of the 2024 major revision and provided recommendations for improvement before their publication. These improvements to data and methods will improve the understanding of the Uzbekistan economy, both for domestic policymaking and international surveillance.
Keywords:
National accounts; GDP; major revision; non-observed economy.; World Bank staff; TA recipient; steering committee of CCAMTAC; SUT data; SA staff; Consumption; Agricultural commodities; Household consumption; Economic classification
Cover IMF Working Papers
Gold as International Reserves: A Barbarous Relic No More?
Mr. Serkan Arslanalp
,
Mr. Barry J. Eichengreen
, and
Chima Simpson-Bell
After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 “active diversifiers,” defined as countries that purchased gold and raised its share in total reserves by at least 5 percentage points over the last two decades. In contrast to the diversification of foreign currency reserves, which has been undertaken by advanced and developing country central banks alike, active diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold appeals to central bank reserve managers as a safe haven in periods of economic, financial and geopolitical volatility, when the return on alternative financial assets is low. Second, the imposition of financial sanctions by the United States, United Kingdom, European Union and Japan, the main reserve-issuing economies, is associated with an increase in the share of central bank reserves held in the form of gold. There is some evidence that multilateral sanctions imposed by these, and other countries have a larger impact than unilateral sanctions on the share of reserves held in gold, since the latter leave scope for shifting reserves into the currencies of other non-sanctioning countries.
Keywords:
International Reserves; Gold; Sanctions; aggregate gold share regression; gold appeal; share of gold; gold share; country level gold share regression; Gold reserves; Reserve assets; Gold prices; Global
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 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 Staff Country Reports
Russian Federation: Selected Issues
International Monetary Fund
Russia’s large oil and gas reserves play a key role in its economic development. As with many other large oil exporters, Russia’s energy wealth is also posing numerous challenges to macroeconomic management. Although fiscal policy has saved a large part of the oil windfall in the Oil Stabilization Fund (OSF), this has not been guided by a consistent long-term framework. The framework is illustrated with numerical simulations of different fiscal spending rules that are consistent with sustainable paths of consumption out of oil and gas wealth over time.
Keywords:
ISCR; CR; FSU country; CIS country; oil revenue; oil price; consumption rule; w Russia; Oil prices; Oil; gas and mining taxes; Exports; Baltics
Cover IMF Staff Country Reports
Republic of Kazakhstan: 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; oil revenue; net export; enrollment ratio; time deposit; net enrollment ratio; net credit; net tax; credit to government; national bank of Kazakhstan; Nontax revenue; Oil; Agricultural commodities; gas and mining taxes; Natural gas sector; Baltics
Cover IMF Staff Country Reports
Republic of Kazakhstan: 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; bottom; oil revenue; national bank of Kazakhstan; extraction industry; net lending; time deposit; production value; Agricultural commodities; Oil; gas and mining taxes; Natural gas sector; Baltics
Cover IMF Staff Country Reports
Azerbaijan Republic: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix for Azerbaijan aims to provide a guide to the management of Azerbaijan’s expected natural resource-generated windfall. The paper provides information on Azerbaijan’s endowment of oil and gas deposits and the projected revenue stream, and highlights the common characteristics of policies leading to the mismanagement of natural resource wealth in natural resource-abundant countries. It also outlines a medium- and long-term policy strategy for oil wealth management in Azerbaijan.
Keywords:
ISCR; CR; manat; tax rate; Azerbaijan; Azerbaijan State statistics committee; manat broad money; gas revenue; oil GDP; oil revenue; Oil; gas and mining taxes; Natural resources; Demand for money; Baltics; Eastern Europe; Asia and Pacific; Global
Cover IMF Staff Country Reports
Republic of Tajikistan: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix examines banking sector developments in the Republic of Tajikistan. The paper estimates quasi-fiscal activities in the energy sector, and provides an assessment of external sector trade and the need for further trade reform. Developments in the agriculture sector are assessed. The paper highlights that the lessons that emerge from recent experience indicate that weak institutions in Tajikistan have resulted in erratic implementation of structural reforms, which threaten the sustainability of the economy’s improved macroeconomic stability.
Keywords:
ISCR; CR; exchange rate; joint stock; banking system; trading company; banking sector; commercial bank; bank supervision; Tariffs; Agricultural commodities; Exports; Commercial banks; Imports; Western Europe
Cover IMF Staff Country Reports
Uzbekistan: Recent Economic Developments
International Monetary Fund
The paper analyzes economic developments and policies over the past couple of years, with emphasis on the period since mid-1998. It assesses consequences for the economy of several external shocks and provides an overview of recent developments. The nature and extent of the external shocks affecting the economy and the internal constraints that characterize the Uzbek economy are detailed. The paper also analyzes the policy responses to these shocks and the results of these policies. A set of tables updates available economic data series.
Keywords:
ISCR; CR; government; U.S. dollar; commercial bank; broad money; fourth quarter; CIS country; Uzbek economy; GDP deflator; joint stock; enterprise share; privatized enterprise; enterprise restructuring; means testing; Agricultural commodities; Commercial banks; Exchange rates; Exports; Baltics; Western Hemisphere; Europe; Asia and Pacific