The International Monetary Fund (IMF) has recommended that Uzbekistan accelerate reforms in its financial sector, noting that strong economic growth provides an opportunity to phase out preferential and targeted lending.
The IMF highlighted that the central bank’s plan to strengthen banking supervision by 2025 should be expanded into a comprehensive roadmap covering all recommendations from the Financial Sector Assessment Program (FSAP) and other authorities. This approach will help streamline reforms and secure technical assistance. FSAP is a detailed review of a country’s financial system conducted by the IMF in collaboration with the World Bank.
The reforms are expected to foster private sector development and reduce state dominance in the economy.
«Continuing structural reforms is essential to sustaining high growth. This includes privatisation and restructuring of major state-owned enterprises, improving governance, linking financial support to credible restructuring plans, and strengthening competition,» the IMF noted.
The fund also praised Uzbekistan’s progress towards joining the World Trade Organization, adding that negotiations with Moscow are nearly complete.
Further measures to improve governance and tackle corruption, such as enacting a conflict of interest law and advancing whistleblower protections and asset declaration rules, were described as positive steps for a more efficient economy and improved business environment.
