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Middle East and Central Asia > Uzbekistan, Republic of

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Cover IMF Staff Country Reports
Republic of Uzbekistan: Technical Assistance Report-Monetary and Financial Statistics Mission (July 17-August 2, 2019)
International Monetary Fund. Statistics Dept.
This technical assistance report on the Republic of Uzbekistan states that the mission achieved all its objectives and Uzbekistan’s country page is now ready to be introduced in International Financial Statistics. Uzbekistan has recently intensified its efforts to improve its financial sector statistics. With the ongoing liberalization of the Uzbek economy, availability of granular data for an assessment of risks related to the financial sector is becoming more important. Uzbekistan reports 11 core and one additional financial soundness indicators (FSI) for deposit takers on a quarterly basis for publication on the IMF’s website. The one important improvement needed, particularly for the other depository corporation survey, is the enhancement of the counterparty sector classifications. The mission also assisted the Central Bank of Uzbekistan in establishing an initial framework for the compilation of a quarterly other financial corporation survey using the Standardized Report form 4SR. The Prudential Supervision Department is now ready to report all core and additional FSIs for deposit takers (DT), as well as their underlying financial statements, with the reporting frequency to be increased from quarterly to monthly. In order to support progress in the several areas, the mission recommended a detailed action plan with the priority recommendations summarized.
Keywords:
ISCR; CR; CBU authorities; CBU's general ledger; CBU record; CBU staff; gold stock
Cover IMF Staff Country Reports
Republic of Uzbekistan: Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This Fiscal Transparency Evaluation report highlights that Uzbekistan is embarking on a comprehensive reform program to strengthen public financial management and fiscal transparency. Wide-ranging reforms to improve the coverage, reliability, quality, and accessibility of fiscal reports are being developed and implemented, and some good progress already made. This assessment of fiscal transparency practices has been undertaken to support the government’s efforts to increase transparency by identifying priority areas for reform. An evaluation of practices against the IMF’s Fiscal Transparency Code (the Code) finds that tangible gains have been made over 2017 and 2018. In several areas where Uzbekistan’s practices do not currently meet the basic standard required under the Code, quick progress can be made. The report also provides a more detailed evaluation of Uzbekistan’s fiscal transparency practices and recommended reform priorities. Strengthening legislative oversight of the state budget with a view to reducing the extent to which in-year changes can be made to aggregate expenditures without prior parliamentary approval.
Keywords:
ISCR; CR; execution report; State budget; balance sheet; annual budget; budget balance; central government; budget documentation; budget expenditure; fiscal policy; budget year; accounts payable; Budget planning and preparation; Fiscal risks; Budget execution and treasury management; Fiscal reporting; Eastern Europe; Africa; Global
Cover IMF Staff Country Reports
Republic of Uzbekistan: Strengthening Fiscal Transparency
International Monetary Fund. Fiscal Affairs Dept.
This paper on the Republic of Uzbekistan focuses on the fiscal transparency in the country. This report provides further guidance to support implementation of the fiscal transparency evaluation recommendations and the government’s plans to strengthen transparency. The IMF team worked with the authorities to further strengthen the application of the Government Finance Statistics Manual standards, improve the budget classification, presentation and reporting; strengthen fiscal risk disclosure and address other fiscal transparency-related issues. Steps have been taken to improve the coverage of Government Finance Statistics reports; however, further work is required. Wide-ranging reforms to improve the coverage, reliability, quality and accessibility of fiscal reports are being developed. A Presidential Decree, approved in August 2018, sets out measures to enhance budget openness and transparency, increase the engagement of citizens in the budget process, and strengthen parliamentary and public scrutiny of the budget.
Keywords:
ISCR; CR; government; budget; state budget; Economy; government ownership share; GFS report; budget balance; state budget data; MoF staff; budget message; Budget planning and preparation; Fiscal risks; Budget classification; Financial statements; Asia and Pacific