Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan discussed further directions for pension reform at a meeting between Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov and representatives of the International Monetary Fund, World Bank and International Labour Organization on 29 September, the Ministry of Economy and Finance said.
The meeting was attended by Andre Picard, Head of Actuarial Services at the ILO’s Social Protection Department; Csaba Feher, Senior Economist in the IMF’s Fiscal Affairs Department; and Himanshi Jain, Senior Social Protection Specialist at the World Bank.
The participants considered ways to further improve the pension system, taking into account international experience and Uzbekistan’s socio-economic characteristics.
Particular attention was given to ensuring the long-term sustainability of the pension system, improving mechanisms for building pension entitlements and expanding pension coverage. The participants also discussed developing the funded component of the pension system and adapting it to demographic changes.
The meeting also covered possible approaches to improving the architecture of the pension system, including the harmonization of different pension components.
In addition, the participants exchanged views on pension fund management, the development of individual pension accounts, investment mechanisms and institutional approaches to managing pension assets.
Following the meeting, the participants discussed further directions for pension reform and emphasized the importance of continued expert cooperation, taking into account actuarial, financial and social aspects.
