Uzbekistan must ensure efficient and well-functioning financial sector - WB

Uzbekistan must ensure efficient and well-functioning financial sector - WB

Baku, Azerbaijan, Nov. 29

By Fikret Dolukhanov – Trend:

The Government of Uzbekistan announced the agenda for the next phase of its bold and ambitious reforms, the World Bank’s Tashkent office said in its press release.

The Reform Roadmap, revealed today, outlines the Government’s economic reform priorities over the next three years (2019-2021).

The focus of the Roadmap is to sustain the momentum of Uzbekistan’s transition to a competitive market-led economy. The World Bank welcomes these positive developments. It will continue its strong partnership with the Government in support of sustained economic growth and higher living standards for the citizens of Uzbekistan.

The Reform Roadmap presented by the Government today contains five major pillars: (i) to maintain macroeconomic stability; (ii) to accelerate the market transition; (iii) to strengthen social protection and citizen services; (iv) to strengthen government’s role in a market economy; and (v) to preserve environmental sustainability. The reform priorities within each pillar draw on lessons learned from the market transitions of other countries but are also firmly based in Uzbekistan’s unique context.

In just under two years, Uzbekistan has achieved significant progress in reforming the economy. Importantly, authorities have placed a strong emphasis on safeguarding vulnerable citizens from the negative impact of the reforms. The Government has also invested heavily in public consultations and citizen engagement to improve feedback loops between citizens and the government.

While much has been achieved in a short time, considerable challenges remain to ensure sustained growth and job creation. These include further reforms to administrative price controls, the performance of state-owned enterprises, and measures to ensure an efficient and well-functioning financial sector. These challenges are complex and will require sustained effort by policymakers. The Reform Roadmap will serve as an important tool to address these issues.

Moreover, the proposed Economic Council under the Government, which was discussed today, is a welcome development. The Council could play a key role in coordinating, recommending and monitoring key economic reforms. The Economic Council could also serve as an important platform to draw on local and international expertise to ensure evidence-based analyses and decisions.

“The World Bank Group is committed to maintaining a close partnership with the Government as it prepares to enter a more complex phase of reforms. We will continue supporting efforts to improve the well-being of the citizens of Uzbekistan”, said Lilia Burunciuc, the World Bank’s Regional Director for the Central Asia Region.

The World Bank Group has rapidly scaled up its support to Uzbekistan since the start of the reforms. The program in Uzbekistan is one of the World Bank’s largest in the Europe and Central Asia region, with 18 projects under implementation totaling $3.3 billion. Focus has been on economic and institutional reforms, agriculture, healthcare, education, water supply and sanitation, energy, transport, digital and regional development.

---

Follow the author on Twitter: @FDolukhanov

Subscribe to Trend in Google News! Subscribe
EU, UNDP to implement project for green economy transition in Uzbekistan
EU, UNDP to implement project for green economy transition in Uzbekistan
Uzbekistan shares data on sales of oil and gas products in 11M2021
Uzbekistan shares data on sales of oil and gas products in 11M2021
Uzbekistan and Kazakhstan sign trade contracts and bilateral agreements
Uzbekistan and Kazakhstan sign trade contracts and bilateral agreements
Loading Bars
Latest
Kazakhstan reveals GDP growth in 10M2021
Azerbaijan working on flight recorder of crashed helicopter - Prosecutor General's Office
UK to block poor-performing companies from winning public work
Croatia confirms its first two cases of COVID-19 Omicron variant
Balacans Agro Food LLC, Azerbaijan Investment Company sign agreement (PHOTO)
Azerbaijan to consider joining int'l documents on intellectual property protection
Oil majors to mitigate demand fluctuation with digital twins
SOFAZ sees significant increase in Shah Deniz revenues
Azerbaijan shares data on number of freed convicts as part of act of amnesty
Annual inflation rate slightly slows down in Kazakhstan
SOFAZ discloses revenues from Azeri-Chirag-Gunashli
Azerbaijan shares data on number of people covered by Act of Amnesty so far
TBC Capital publishes Georgia’s weekly economic review
Oil rebounds above $71 on Omicron hopes, Iran talks
President Ilham Aliyev, First Lady Mehriban Aliyeva meet with residents of Gonagkand settlement
Israeli firm to sell HSBC Tower in New York for $855 million
Iran reveals COVID-19 data for December 6
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at newly built Culture House in Gonagkand
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at secondary school № 1 in Guba
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of Guba Abad Factory enterprise (PHOTO)
President Ilham Aliyev inaugurates Guba-Gonagkand highway
President Ilham Aliyev and First Lady Mehriban Aliyeva view conditions created at Guba Olympic Sports Complex
Crisis center discloses 32,136 new coronavirus cases in Russia over past 24 hours
Chevron to expand investments in Kazakhstan’s Tengiz field dev't
Famous scientist talks about significance of victory in Azerbaijan’s Karabakh (PHOTO)
Iran shares data on cargo transportation
President Ilham Aliyev and First Lady Mehriban Aliyeva arrive in Guba district for visit (PHOTO)
Azerbaijan prepares bill on repatriation of people to Karabakh – state committee
Azerbaijani State Oil Fund’s estimates on oil, gas transportation revenues for 2022 unveiled
Azerbaijan gives update on mine clearance work in liberated lands
Azerbaijan’s 10M2021 volume of goods exports via stationary vehicles increases
State Oil Fund of Azerbaijan forecasts revenues and expenditures for 2022
Azerbaijan’s forecast for oil production from Bahar field in 2022 revealed
Cargo movements in Iran’s Noshahr Port down
India, Russia to ink number of pacts during Modi-Putin summit on Dec 6
India clears plan to make AK-203 assault rifles with Russia
Georgia to reduce external debt and budget deficit in 2022 – PM
From buyer of military goods, India wants to become Russia’s ‘development & production’ partner
Georgia, US discuss wine exports potential
EU, UNDP to implement project for green economy transition in Uzbekistan
Imperial Springs Forum 2021 concluded (PHOTO)
Private investment to pick up: CEA Krishnamurthy V Subramanian
Bangladesh, India: Celebrating 50 years of friendship
Georgia's coal production up
Uzbekistan shares data on sales of oil and gas products in 11M2021
Uzbekistan and Kazakhstan sign trade contracts and bilateral agreements
Azerbaijan shares forecast on volume of oil production from ACG field for 2022
Iran records increase in cargo transportation via Bushehr International Airport
bp presented laboratory to be named after Nobel Prize winner
Azerbaijan provides with insurance payments heirs of martyrs, soldiers wounded due to Armenian provocation on Nov. 16
Azerbaijan projects growth in gas production from Shah Deniz field in 2022
Iran sees decrease in number of new mines
Volume of loaded/unloaded cargo in Iran’s Anzali port climbs
EIA names factors triggering wider spread between sweet and sour crude oils
Azerbaijan to install seismic stations in liberated lands until 2025
VISA talks investments in dev’t of its own IT-technologies (Exclusive)
‘Tripartite contract’ could turn Iran into regional transit center - Iranian president
Iranian President talks about nuclear discussions
Financial market of Azerbaijan – review of week’s main events
Equinor to acquire 45% stake in Noriker Power Limited
Iran's SATBA reveals details of country's renewable energy generation
Iran's NIORDC to sign contract for producing dual-fuel taxis with local manufacturer
Private investors in Iran apply to boost renewable energy development countrywide
New economy building must be ensured in Azerbaijan's Karabakh - president's special representative
Azerbaijan reveals insurance payments to heirs of servicemen who died in helicopter crash
Azerbaijan pays great attention to dev’t of innovations, technologies - executive power
Iran to unveil plan for development of rail fleet for its mines
TAP’s technical forward capacity by Dec.12
Only innovative technology-based enterprises to function in Azerbaijan's liberated lands - deputy minister
Physical gas flows, nominations at TAP’s interconnections
Azerbaijan creating innovative financial, banking services in Karabakh
Participants of Second Karabakh war, families of martyrs living, working in Azerbaijan’s liberated territories to be provided with benefits
Negotiations with several enterprises to attract investors to Aghdam industrial park nearing completion – deputy minister (PHOTO)
Iran eyes increase in activities in Chabahar port
Iran records increase in exports from Gilan Province
Turkey discloses cargo shipments via its ports from Bulgaria in 10M2021
Azerbaijan eyes several directions for innovative development of liberated areas - deputy minister
UK to require travelers from Azerbaijan to submit negative PCR test
Iran sets increase of monthly salary in budget bill for next year
Decision makers in Iran realize going forward without JCPOA is wrong - analyst
Iran negotiating with Russia to lift bell pepper export restrictions
Pace of LNG supply growth in Asia forecast to slow down
Mariana Vasileva expresses gratitude to President Ilham Aliyev, First Vice-President Mehriban Aliyeva
Iran set to reform its insurance sector
Iran relying on domestic car manufacturers to increase production by 2025
Global LNG sector poised to post healthy export growth this year
Georgia releases COVID-19 data for December 6
Iran planning to increase steel production for domestic needs and export
Iran to reform rules for startup companies to participate in stock market deals
Azerbaijani currency rates for December 6
Iran hopes to raise local car manufacturing
Iranian currency rates for December 6
CAMEX International launches cargo airline in Georgia
Overall index of the Tehran Stock Exchange drops on December 5
Turkey reveals cargo traffic via its ports from US for 10M2021
Azerbaijan shows footage from Kalbajar's liberated Kechiligaya village (VIDEO)
Uzbekistan shares domestic COVID-19 data for December 5
Turkey discloses number of docking ships at Bandirma port for 10M2021
Azerbaijan discloses turnover of investment companies for 11M2021
Uzbek Direct Investment Fund and South Korean company co-op to attract investments
All news