The International Monetary Fund (IMF) mission has recommended that Uzbekistan accelerate its financial sector reforms. The country’s economic growth is creating the foundation for abandoning preferential and targeted lending.
According to the financial institution, it is necessary to supplement the Central Bank of Uzbekistan’s plan to strengthen bank supervision by 2025 with a broader roadmap. This roadmap should include the Financial Sector Assessment Program (FSAP) and recommendations from other institutions.
This will help better regulate ongoing reforms and secure technical assistance for their implementation. FSAP is a comprehensive program conducted by the International Monetary Fund and the World Bank to evaluate the financial systems of countries.
Additionally, these reforms will promote private sector development and reduce the state’s influence on the economy. "Continuing with structural reforms remains a key factor in supporting high economic growth.
The privatization and restructuring of large state enterprises, improving their management, tying any financial support to credible restructuring plans, and enhancing competition are necessary," the IMF noted. The IMF also praised Uzbekistan’s efforts to join the World Trade Organization (WTO).
Earlier, Tashkent had nearly concluded negotiations with Moscow on this matter. Reforms in governance and anti-corruption measures can lead to a more efficient economy and an improved business environment.
Steps such as adopting a law on conflict of interest, protecting whistleblowers, and advancing laws on asset declaration have been recognized as positive moves.
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