Head of IMF Lagarde: Uzbekistan needs new formula for inclusive growth and cooperation

Head of IMF Lagarde: Uzbekistan needs new formula for inclusive growth and cooperation

Baku, Azerbaijan, May 17

By Fakhri Vakilov- Trend:

The Managing Director of International Monetary Fund Christine Lagarde spoke about the conditions that will lead Uzbekistan to prosperity, Trend reports citing Uzbek media.

“Uzbekistan will come to innovation and prosperity through trade and improved relations with neighboring countries,” Lagarde said.

As part of her first visit to Uzbekistan, she spoke at the Central Bank with a report on the topic "Reforms of Uzbekistan: A New Formula for Inclusive Growth and Cooperation." Representatives of the Ministries of Economy and Industry, Finance, Investments and Foreign Trade, the State Statistics Committee, the Agency for Management of State Assets, Central Bank employees and students of national universities attended the presentation made by Christine Lagarde.

"Uzbekistan was a crossroads of economic reforms in its best times and isolated itself in the worst. Today, the country needs a new strategy for its development. If we find the solution to existing problems together, then those who come here will think not only about the history, but also about its prosperous future," Lagarde noted.

The Head of the IMF commented on the Fund's statement about the need for greater independence of the Central Bank of Uzbekistan. “The Central Bank must be autonomous in setting monetary policy goals, regardless of the political agenda,” she stated.

Earlier, the IMF executive board, following consultations with Uzbekistan under Article IV of the Articles of Agreement, called on the authorities to ensure “greater independence of the Central Bank”.

In September 2017, the President of Uzbekistan Shavkat Mirziyoyev and Christine Lagarde held a meeting in New York. The parties discussed technical support by the fund for monetary reform undertaken in the country.

Another meeting with the Uzbek leader took place recently in China at One Belt One Way second forum in China. The parties noted close cooperation between the country and the Fund in the field of technical assistance in many spheres including management of public finances and debts as well as banking supervision.

Christine Lagarde has been IMF Managing Director since July 2011. Prior to that, she was Minister of Economics and Finance of France.

She is included in the ranking of the hundred most influential women in the world at the end of last year, according to Forbes magazine.

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Follow author on Twitter:@vakilovfaxri

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