BAKU, Azerbaijan, Feb. 7
By Ilkin Seyfaddini – Trend:
A workshop dedicated to the launch of the Institutional Capacity Building project, which will be implemented by the Ministry of Finance of Uzbekistan and the World Bank, was held on February 4-5 in Uzbekistan, Trend reports with reference to the ministry.
The project aims to improve the system of public finance management, conditions for market operations of the corporate sector, and mechanisms to support reforms implemented from 2019 through 2024.
The project, worth $33 million, will be funded by the International Development Association, a member of the World Bank Group.
It consists of three main components, the ministry said.
The first component envisages the introduction of effective mechanisms aimed at increasing the efficiency of budget expenditures, improving the process of public investment management and modernizing the system of state internal control and internal audit.
The second component provides for effective management of state assets and reform of state enterprises. The legal and regulatory framework governing the activities of state-owned enterprises will be improved and the principles of modern market economy of control and management of state-owned enterprises will be introduced. Potential of all state institutions involved in privatization and public-private partnership development will be built up.
The third component is aimed at support of economic reforms in the country, as well as of the Economic Council created for this purpose, the ministry added.