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© 2007 International Monetary Fund
March 2006
IMF Country Report No. 07/133
Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of the 2006 Article IV consultation with the Republic of Uzbekistan, the following documents have been released and are included in this package:
the staff report for the 2006 Article IV consultation, prepared by a staff team of the IMF, following discussions that ended on December 13, 2006, with the officials of the Republic of Uzbekistan on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on January 23, 2007. The views expressed in the staff report are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF;
a Public Information Notice (PIN) summarizing the views of the Executive Board as expressed during its February 12, 2007 discussion of the staff report that concluded the Article IV consultation; and
a statement by the Executive Director for the Republic of Uzbekistan.
The policy of publication of staff reports and other documents allows for the deletion of market-sensitive information.
To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to publicationpolicy@imf.org.
Copies of this report are available to the public from
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INTERNATIONAL MONETARY FUND
REPUBLIC OF UZBEKISTAN
Staff Report for the 2006 Article IV Consultation
Prepared by Staff Representatives for the 2006 Consultation with Uzbekistan
Approved by David Owen and Adrienne Cheasty
January 23, 2007
The Article IV consultation was held in Tashkent during November 30–December 13, 2006. The mission met with the first deputy prime minister, ministers of economy and trade, the governor of the Central Bank of Uzbekistan (CBU), other senior government officials, parliamentarians, and representatives of banking and diplomatic communities. A joint press statement was issued at the end of the visit.
The mission comprised Mmes. Eken (head), Bacalu (both MCD), Vera Martin (PDR), and Mr. Saker (MCM) and was assisted by Ms. Kostina (IMF office in Tashkent). Mr. Moser, Executive Director, participated in policy meetings.
Uzbekistan accepted the obligations of Article VIII, Sections 2(a), 3, and 4 of the Fund’s Articles of Agreement as of October 15, 2003. The de facto exchange rate regime is a conventional peg.
The 2006 Article IV consultation was streamlined.
Contents
I. Introduction
II. Recent Economic Developments
III. Economic Outlook
IV. Policy Challenges
A. Policies to Reduce Inflation
B. Reform of the Banking System
C. Trade Liberalization
V. Other Issues
VI. Staff Appraisal
Text Boxes
1. An Assessment of the Exchange Rate Level
2. Business and Trade Environment
Figures
1. GDP Growth
2. External Sector Developments, 2000–06
3. Inflation, 2000-06
4. Monetary Developments
5. Exchange Rate and Intervention, December 2004–November 2006
6. Government Finances
7. Selected CIS Country Banking Data
Tables
1. Selected Economic and Financial Indicators, 2003–07
2. Balance of Payments, 2003–11
3. Summary Accounts of the Central Bank, 2003–07
4. Monetary Survey, 2003–07
5. General Government Consolidated Budget, 2003–07
6. General Government Consolidated Budget, 2003–07
7. External Debt Sustainability Framework, Baseline Scenario, 2003–11
8. Sensitivity Analyses for Key Indicators of Public and Publicly Guaranteed External Debt, 2006–11
9. Public Sector Debt Sustainability Framework, Baseline Scenario, 2003–11
10. Sensitivity Analysis for Key Indicators of Public Debt, 2006–11
11. Financial Soundness Indicators for Banking Sector, 2002–06
12. Selected Vulnerability Indicators, 2002–06
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INTERNATIONAL MONETARY FUND
REPUBLIC OF UZBEKISTAN
2006 Article IV Consultation
Informational Annex
January 23, 2007
Contents
Appendices
I. Fund Relations
II. Relations with Selected International Financial Institutions
III. Statistical Issues
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Public Information Notice (PIN) No. 07/37
FOR IMMEDIATE RELEASE
March 23, 2007
International Monetary Fund
700 19th Street, NW
Washington, D. C. 20431 USA
On February 9, 2007, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Uzbekistan.1
