IMF mission: Uzbek economy remains stable
Uzbekistan, Tashkent, July 1 / corr Trend D.Azizov /
"Uzbekistan remained stable during the global economic crisis due to a careful economic policy that ensured a surplus," the Uzbek government, the Central Bank of Azerbaijan and the International Monetary Fund (IMF) reported today in a joint statement.
The IMF mission visited Tashkent June 14-29 to hold talks with Uzbekistan on Article IV of the Charter of the IMF.
The discussions focused on the country's anti-crisis economic policies adopted during the global crisis, 2009 economic outcomes, and economic development prospects in 2010.
The mission also stated that the anti-crisis program has significantly limited the global crisis' impact on the banking sector.
"A very careful approach to borrowing on international fiscal markets also limited the impact of the global crisis on the country," the statement said.
The IMF stressed that real GDP growth amounted to 8.1 percent in 2009, which is one of the highest indices in the world, while the average inflation ratio hardly grew.
Real GDP is expected to continue rising by eight percent in 2010 given the continuing impact of anti-crisis programs and government projects to upgrade industry and develop infrastructure.
The financial sector has developed considerably over the past four years. Increasing bank capital and assets have contributed soundly to the banking sector's stability, and also ensured strong support for the state programs to upgrade industry and develop infrastructure.
Official Uzbek agencies and the IMF mission agreed that a major task facing the country today is to prevent inflation by implementing macroeconomic policies, increasing real per capita income among the general public and creating new jobs.