Jamshid Kuchkarov and Bo Li Discuss Uzbekistan's Macroeconomic Reforms

Tashkent, Uzbekistan (UzDaily.uz) — Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Uzbekistan, held an official meeting with Bo Li, First Deputy Managing Director of the International Monetary Fund (IMF), during the meeting of the IMF and World Bank Swiss Constituency.

The talks were also attended by Central Bank Chairman Timur Ishmetov and heads of relevant ministries and departments. The meeting was dedicated to a detailed analysis of ongoing reforms and the strengthening of bilateral cooperation.

During the dialogue, the parties comprehensively reviewed Uzbekistan's current macroeconomic situation, which has demonstrated resilience to external shocks. Key topics of discussion included gross domestic product (GDP) growth rates, positive dynamics in reducing inflation, ensuring long-term fiscal stability, and the upcoming stages of the large-scale structural reforms being implemented in the republic.

The interlocutors noted that in recent years, the country has consistently implemented measures to improve public financial management, reform tax administration, deeply transform the commercial banking system, and gradually privatize large state-owned enterprises.

Special emphasis was placed on the results of bilateral cooperation with the IMF within the framework of regular consultations under Article IV of the Fund's Articles of Agreement. It was emphasized that the expert recommendations and analytical conclusions of IMF specialists hold important practical value for the further improvement and adjustment of Uzbekistan's economic policy.

In addition, the officials reviewed the outcomes of the recent Tashkent International Investment Forum, discussing practical steps to radically improve the investment climate, expand operational opportunities for the private sector, and increase the share of business participation in large infrastructure projects, including through public-private partnerships.

IMF First Deputy Managing Director Bo Li expressed high appreciation for the economic transformations conducted under the leadership of the government of Uzbekistan. He emphasized that the presence of strong state institutions, a transparent and sustainable fiscal policy, developed logistics infrastructure, and systemic investments in human capital serve as the fundamental drivers of long-term economic progress.

According to the IMF representative, further stimulating private capital business activity, optimizing the efficiency of public spending, and modernizing the tax system will allow Uzbekistan to build solid additional fiscal reserves. This, in turn, will enable a significant increase in public funding for critical sectors such as education, healthcare, and targeted social protection for the population. Following the meetings, the parties reaffirmed their commitment to expanding constructive dialogue and deepening technical cooperation.