On August 24 this year, under the chairmanship of the Deputy Prime Minister of Economic Development and Poverty Reduction Jamshid Kuchkarov, a meeting with representatives of the International Monetary Fund, led by Head of the IMF Mission to Uzbekistan - Ron Van Rooden, took place in the format of videoconference. The authorities of the Ministry of Finance and the Central Bank, as well as the heads of the State Statistical Committee of the Republic of Uzbekistan and the State Assets Management Agency, also took part in the meeting.

The meeting began with a discussion of the current economic situation in Uzbekistan and macro-fiscal forecasts. The parties exchanged views on the further development of cooperation between Uzbekistan and the International Monetary Fund.

The impact of the pandemic situation on the State budget, the main problems faced by Uzbekistan with the spread of coronavirus, and the measures taken by the Government to address them were also discussed.

It was noted that in January-June of this year real GDP grew by 0.2% compared to the same period last year, due to the growth of gross value added of agriculture by 2.8%, construction by 7,3%, there was also a 1.9% and 0.7 % decline in the GVA of industry and services, respectively. At the same time, GDP growth at the end of 2020 is expected to be between 1.5% and 2.0%.

Information on measures taken in the area of social protection and support for businesses was provided by Uzbekistan. Entrepreneurship is being actively supported, reforms in agriculture, tax and banking systems are continuing, and work processes in the industrial and construction sectors had been re-established, which is a priority for stabilizing the economy.

In turn, Ron Van Rooden noted that the Government package implemented in Uzbekistan allowed the economy to maintain its growth rate. He also stressed that Uzbekistan’s public debt remained relatively low. The IMF Head of Mission emphasized the importance of fiscal consolidation in order to achieve fiscal sustainability and expressed willingness to provide recommendations and technical support from the Fund.

Information Service

Ministry of Economic Development and Poverty Reduction of the Republic of Uzbekistan