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Middle East and Central Asia > Uzbekistan, Republic of

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Cover High-Level Summary Technical Assistance Reports
Uzbekistan: Medium-Term Debt Management Strategy and Annual Borrowing Plan
Marie S Kim
,
Lilia Razlog
,
Juan Carlos Vilanova
, and
Juan Lorenzo Maldonado
At the request of the authorities, a joint World Bank-IMF technical assistance (TA) mission visited Tashkent, Uzbekistan during October 9–20, 2023 to help the authorities in developing a mediumterm debt management strategy (MTDS), designing an Annual Borrowing Plan (ABP), and to train the authorities on the use of the Medium-term Debt Management Strategy Analytical tool (MTDS AT) and ABP AT. The mission presented its main findings and recommendations to the authorities and left a draft report at the end of the mission.
Keywords:
Annual Borrowing Plan; Debt Management Strategy; Local Currency Government Securities; Medium-term Debt Strategy; Ministry of Economy; Finance; Technical Assistance; Uzbekistan; debt transparency; debt portfolio; CD recipient; IMF's Monetary; investor relation function; Government debt management; Securities markets; Government securities
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation discusses that Uzbekistan’s growth momentum continues on the back of far-reaching structural reforms to liberalize its economy, favorable commodity prices, and notable increases in financial and income flows. Growth is expected to remain robust at 5.4 percent in 2024, despite the appropriate withdrawal of fiscal stimulus and slowing trading partner growth. In 2025, growth is projected to pick up to around 5½ percent. Needed increases in administered energy prices would temporarily raise inflation to 11.5 percent by end-2024. The government’s planned fiscal consolidation is appropriate and will help reduce inflation and imports while protecting the vulnerable. Further efforts are needed to broaden the tax base, modernize the tax system, improve the efficiency of public spending, and strengthen public financial management. Monetary policy should remain focused on reducing inflation to the central bank’s target and be tightened if energy price reforms spill over to core inflation and inflation expectations. Structural reforms should focus on reducing the state’s role in the economy, promoting women’s participation in the labor market, advancing decarbonization and climate adaptation initiatives, and enhancing governance and transparency, building on progress already made.
Keywords:
central bank of the Republic of Uzbekistan; PPG debt; IMF's classification system; consumer price inflation projection; lending portfolio; Public and publicly-guaranteed external debt; Inflation; Loans; Global; Central Asia and the Caucasus
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Uzbekistan
International Monetary Fund. Middle East and Central Asia Dept.
Uzbekistan embarked on an ambitious reform path in 2017, starting to liberalize its economy after years of state control. Incomes are still relatively low compared to other emerging economies and the role of the state is still large. Uzbekistan weathered the pandemic relatively well. Strong fundamentals, ample policy buffers, and high gold prices allowed the authorities to take strong actions to mitigate the impact of the pandemic and growth accelerated to 7.4 percent in 2021.
Keywords:
Uzbek soum; authorities' effort; inflation expectation; Uzbek authorities; policy lending; Public and publicly-guaranteed external debt; Income; Global
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Uzbekistan
International Monetary Fund. Middle East and Central Asia Dept.
Uzbekistan embarked on an ambitious reform path in 2017, starting to liberalize its economy after years of state control. Incomes are still relatively low compared to other emerging economies and the role of the state is still large. Uzbekistan weathered the pandemic relatively well. Strong fundamentals, ample policy buffers, and high gold prices allowed the authorities to take strong actions to mitigate the impact of the pandemic and growth accelerated to 7.4 percent in 2021.
Keywords:
Uzbek soum; authorities' effort; inflation expectation; Uzbek authorities; policy lending; Public and publicly-guaranteed external debt; Income; Global
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2021 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Uzbekistan embarked on an ambitious reform path in 2017, starting to liberalize its economy after years of state control. Incomes are still relatively low compared to other emerging economies. Uzbekistan entered the COVID-19 crisis with relatively strong macro-economic fundamentals.
Keywords:
Policy discussion; government transparency; Policy recommendation; IMF's transparency policy; macro-economic policies; Budget planning and preparation; Public and publicly-guaranteed external debt; COVID-19; Global
Cover IMF Staff Country Reports
Republic of Uzbekistan: Requests for Disbursement under the Rapid Credit Facility and Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Uzbekistan
International Monetary Fund. Middle East and Central Asia Dept.
This paper examines Republic of Uzbekistan’s Requests for Disbursement Under the Rapid Credit Facility (RCF) and Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 pandemic is significantly impacting Uzbekistan’s economy, reducing growth, and creating additional external and fiscal financing needs. IMF financial assistance under the RCF and the RFI, along with support from other multilateral institutions, will help cover Uzbekistan’s fiscal and balance of payments needs and mitigate the impact on its foreign exchange reserves. It will also provide resources to support increased crisis spending for healthcare, social protection, and public support for affected firms and households. Uzbekistan aims to continue implementing its structural reform agenda, to complete the transformation to a modern, open market economy, and to improve governance and public management. It has committed to safeguard the use and improve the efficiency of its public resources by increasing transparency and accountability.
Keywords:
ISCR; CR; financing; fiscal policy; state; financing needs; State budget law; Uzbekistan's economy; disbursement of SDR; macroeconomic outlook; Credit; Debt sustainability analysis; Government debt management; COVID-19
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2019 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Given its bulging working-age population, creating more and better jobs is the country’s overarching priority. Uzbekistan has already implemented a first wave of important economic reforms, including foreign exchange liberalization, tax reform, and a major upgrade in statistics. Faced with a vast structural reform agenda, the authorities want to prioritize reforms that address the economy’s most damaging distortions first. The main short-term macroeconomic stability challenge is to prevent a credit boom that could generate excessive external deficits and aggravate inflation pressures.
Keywords:
ISCR; CR; debt; GDP; Uzbekistan; exchange rate; authority
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2019 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This 2019 Article IV Consultation highlights that given its bulging working-age population, creating more and better jobs is the country’s overarching priority. Uzbekistan has already implemented a first wave of important economic reforms, including foreign exchange liberalization, tax reform, and a major upgrade in statistics. Faced with a vast structural reform agenda, the authorities want to prioritize reforms that address the economy’s most damaging distortions first. The main short-term macroeconomic stability challenge is to prevent a credit boom that could generate excessive external deficits and aggravate inflation pressures. A tight monetary stance and moderate fiscal deficits need to be maintained to support macroeconomic stability. Credit growth will need to slow significantly to assure the economy’s external and internal balance. The sustainable development goals are anchoring the country’s inclusive growth agenda, especially on education, health, public infrastructure, and financial inclusion. Moreover, the authorities are redesigning labor policies from scratch to help unskilled and other disadvantaged workers find more and better jobs.
Keywords:
ISCR; CR; debt; GDP; Uzbekistan; exchange rate; authority; state enterprise reform; policy lending; reform agenda; government finance; labor market; consumer inflation; mining revenue; bank soundness indicator; prudent fiscal policy; reform momentum; authorities' effort; CBU's capacity; Credit; Global
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Uzbekistan
International Monetary Fund. Middle East and Central Asia Dept.
This 2018 Article IV Consultation highlights that Uzbekistan’s external position remains strong. External shocks, which began in 2014, lowered exports, commodity prices, and remittances and contributed to a decline in growth from about 8 percent to 5 percent in 2017. Growth of domestic employment remained below one percent. A loosening of fiscal and monetary policies, along with price and foreign exchange liberalization, caused inflation to pick up in late 2017 and was close to 20 percent in early 2018. International reserves were equivalent to 19 months of imports of goods and services at end-2017 and debt is low. GDP is projected to expand by about 5 percent in 2018–19, but domestic job creation will continue to lag.
Keywords:
ISCR; CR; fiscal policy; debt; real GDP; Uzbekistan; government; FX market reform; FRD deficit; market FX rate; PPG debt; prudent fiscal policy; Public and publicly-guaranteed external debt; Credit; Central Asia; Global; East Asia; Europe
Cover IMF Staff Country Reports
Uzbekistan: 2012 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses 2012 Article IV Consultation of Republic of Uzbekistan. Uzbekistan has been experiencing strong momentum in economic growth supported by sustained public investment and increased prices for commodity exports. The IMF report suggests that it is important to ease the restrictiveness of the foreign exchange and trade regimes, as it impedes the development of the financial and private sectors and distorts resource allocation. Improvement economic data quality and transparency should also be a high- priority item in the action list.
Keywords:
ISCR; CR; Uzbekistan; U.S. dollar; exchange rate; gross domestic product; commodity revenue; Uzbek authorities; export commodity; broad money growth; mineral revenue fund; Exports; Exchange rates; Global; Central Asia