Uzbekistan, Tashkent, Dec. 25/ corr. Trend T. Jukov/ Uzbekistan will be affected in 2009 by the major downturn in the world economy through the decline in prices of Uzbekistan's major export commodities, weaker demand for Uzbek exports due to lower growth in major trading partners, and the decline in remittances, the IMF mission statement says. The statement was made as a result of International Monetary Fund (IMF) mission's visit to Tashkent.
"Purpose of the mission was to consider the last changes in economy and finances in 2008 and to appreciate prospects for 2009 amid the last events in world economy and official bodies' intention in economic policy," the Uzbek Ministry of Economy said.
Uzbekistan's economy isn't integrated with financial markets of developed countries and by this reason it is unlikely to suffer from loan limitations or sudden reduction of capital.
Taking into account the broad range of policies envisaged by the authorities to stimulate domestic demand, including appropriately expansionary fiscal and cautious monetary policies, the mission expects the economic outlook to remain relatively favorable in 2009, with a limited slowdown in growth and continued external and fiscal surpluses. The mission recommended against reacting to the global crisis by increasing protectionist measures and implementing foreign exchange restrictions.
The IMF delegation was headed by Ms. Sena Eken, assistant director in the Middle East and Central Asia Department of the IMF.
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