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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
Remittances in Russia and Caucasus and Central Asia: the Gravity Model
Mr. Tigran Poghosyan
Remitances are an important source of external financing in low- and middle-income countries. This paper uses the gravity model to analyze remittance flows in Russia and Caucasus and Central Asia (CCA) countries. Standard gravity determinants, such as GDP in sending and recieiving countries, bilateral distance, existence of common borders and common official language, fit remittance flows well. Remittances also react to inflation and exchange rate movements in recipient countries to sustain their purchasing power. In line with the altruism hypothesis, remittances flow to countries with higher age dependency ratio. Remittances are countercyclical and help stabilize outputs in recipient countries. However, global shocks resulting in sharp output losses of sending countries would lead to large volatility and decline of remittance inflows in recipient countries. The results of the analysis can be used to assess the impact of the COVID-19 shock on projected remittance flows into CCA.
Keywords:
WP; remittance; country; remittance flow; international remittances; migration; gravity model; recipient country; country j; bilateral remittance; pair level; sending country; Remittances; Gravity models; Oil prices; Exchange rates; Outward remittances; Central Asia and the Caucasus; Global
Cover IMF Staff Country Reports
The Kyrgyz Republic: Poverty Reduction Strategy Paper
International Monetary Fund. Middle East and Central Asia Dept.
This Poverty Reduction Strategy Paper on Kyrgyz Republic highlights that the period 2009 through filled with symbolic events marked a new milestone in the Kyrgyz Republic development and will enter the country’s history as the period of strength test for the Kyrgyz statehood and entire public administration system including socio-political, economic, environmental, financial and other areas of development management. The country development background during that period included the world financial crisis and growing uncertainty on world markets which created risks for all market actors including the Kyrgyzstan’s key trade partners such as Russia, Kazakhstan, and China. The government officially declared the country’s sustainable development-oriented policy. For Kyrgyzstan as a country with its still high poverty level, particularly in rural areas, and limited natural and financial resources, the sustainable development policy seems today’s logically and politically justified choice. The sustainable development model itself suggests striving for systemic, comprehensiveness, and balance in development. Transition to sustainable development suggests considering economic growth through the prism of human values and reasonable use of natural resources.
Keywords:
ISCR; CR; Kyrgyz Republic government; staff training; community development; customs union; education system; feasibility study; foreign trade; government regulation; labor market; national budget; sustainable development; value chain; economic system; civil society; risk management; Sustainable development; Global; Central Asia
Cover IMF Working Papers
Global Food Price Inflation and Policy Responses in Central Asia
International Monetary Fund
This paper examines the implications of elevated global food prices for inflation in select Central Asian economies - Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan. The findings suggest that global food inflation has significant short-run effects that build over time. Inflation outcomes simulated under alternative global wheat price assumptions underscore these vulnerabilities, and suggest that sustained administrative measures are unlikely to prove effective. In line with structural economic features, the interest rate channel of monetary policy is found to be limited, arguing for a broad policy strategy to control more expansive inflationary pressures. Looking ahead, measures to enhance supply responses, deepen domestic financial markets, develop adequate social safety nets, and increase central bank independence are warranted.
Keywords:
WP; price; food; headline inflation
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
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; FSU country; CIS country; oil revenue; oil price; consumption rule
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
Russian Federation: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the entrenched inflation in Russia. It presents a possible explanation for the entrenched inflation stating that the Russian economy is facing increasing supply-side constraints in goods and labor markets. The paper focuses on measuring the performance of fiscal policy in Russia. It examines capital structures and vulnerabilities for the corporate sector in Russia. Recent developments and remaining challenges for the Russian banking sector are analyzed. Terms of trade and economic growth in the Former Soviet Union are also discussed.
Keywords:
ISCR; CR; bank; terms of trade growth; oil revenue; terms of trade shock; oil price balance; output gap estimate; arithmetic trend; Terms of trade; Fiscal stance; Capacity utilization; Oil prices; Output gap; Baltics; Western Europe; Central and Eastern Europe; Africa; Global
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