BAKU, Azerbaijan, February 9. Asian Development Bank (ADB) has approved a $150 million loan and a $400,000 grant to improve Uzbekistan’s economic management, Trend reports via the press service of ADB.
According to the source, owing to the sum of money, the Uzbek government will be able to reform the legal, regulatory, and institutional framework to strengthen the effectiveness and transparency of fiscal management; improve the governance and operation of state-owned enterprises (SOEs), including antimonopoly systems for promoting competition; as well as to enhance public sector accountability with robust anticorruption and audit procedures.
“Uzbekistan has demonstrated a strong commitment to reforms enabling its transformation to a more open and competitive market economy. ADB will continue to help the country achieve this goal while maintaining macroeconomic stability as well as inclusive and sustainable growth,” the statement says.
The source notes that the first subprogram’s reforms will provide strengthen Uzbekistan's fiscal risks and public debt management, improve the allocation of public resources through gender-sensitive and green budgeting, and enhance domestic resource mobilization through information technology-based tax administration.
Furthermore, the development program also supports Uzbekistan’s transition to the green economy, while a clear national plan will help the government meet its commitments under the Paris Agreement, upgrade infrastructure, and train its labor force to obtain the necessary skills required for green jobs.
The loan will also help to expand the coverage of social protection and raise the effectiveness of anticorruption and audit systems.
Uzbekistan joined ADB in 1995. During 28 years of cooperation, ADB has committed loans, grants, and technical assistance amounting to $10.8 billion to the country.
ADB is committed to supporting Asia and the Pacific to achieve prosperity, inclusion, resilience, and sustainability. Established in 1966, it is owned by 68 members—49 from the region