Uzbekistan and IMF Focus on Macroeconomic Stability and State Bank Privatization

Tashkent, Uzbekistan (UzDaily.uz) — A high-level trilateral meeting between the leadership of the Central Bank of Uzbekistan, the Ministry of Economy and Finance, and the top management of the International Monetary Fund (IMF) took place on the sidelines of the regular meeting of the IMF and World Bank Swiss Constituency group.

The intergovernmental talks included Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov, Central Bank Chairman Timur Ishmetov, and IMF Deputy Managing Director Bo Li.

The dialogue focused primarily on an in-depth analysis of the current state of Uzbekistan's national economy and the development of joint strategies to ensure long-term macroeconomic stability. The participants placed special emphasis on mechanisms for the tight coordination of monetary and fiscal policies, which remains critical during ongoing market transformations.

The sides also reviewed the progress of structural reforms aimed at modernizing large state-owned enterprises and commercial banks with state participation.

Uzbekistan's representatives provided their international partners with a detailed briefing on the comprehensive measures being implemented to gradually lower inflation, maintain high and stable GDP growth rates, and put structural reforms into practice. Particular emphasis was placed on reducing the state’s footprint in the banking sector, accelerating privatization processes, and driving the financial transformation of state institutions.

The leadership of the IMF positively assessed the vector and pace of the economic transformations underway in Uzbekistan.

IMF experts stressed that to maintain economic resilience, Tashkent needs to uphold a strict balance between monetary and fiscal instruments, continue deep reforms in tax administration, and systematically transition state-owned enterprises into a competitive market environment.

Following the meetings, the sides affirmed their readiness to further deepen their constructive partnership. The cooperation program will continue to include technical and expert support from the IMF in shaping macroeconomic policy, enhancing financial stability, and strengthening the general institutional capacity of the republic's relevant agencies.