Uzbekistan, IMF Discuss Fiscal Management Reform

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s Ministry of Economy and Finance and the International Monetary Fund (IMF) discussed measures to improve fiscal management and public financial management practices on 6 September.

The meeting was held between Bryn Battersby, Senior Economist in the IMF’s Fiscal Affairs Department, and Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov, the Ministry of Economy and Finance said.

The talks were also attended by Amanda Sayeg and Natalia Salazar, Senior Economists in the Public Financial Management Division of the IMF’s Fiscal Affairs Department, Deputy Minister of Economy and Finance Ahadbek Haydarov and other responsible officials.

A central topic was the further improvement of fiscal management. The sides considered opportunities to apply advanced approaches to public financial management and develop relevant practices.

Particular attention was paid to fiscal discipline, which participants described as one of the key conditions for effective public financial management. The discussions covered maintaining a balance between budget revenues and expenditures, as well as the possible use of new approaches to determining the size and ceiling of the budget deficit.

A separate part of the talks focused on the efficiency of budget spending. Participants considered approaches that could be used to improve the quality of managing available budget resources.

Representatives of Uzbekistan and the IMF also discussed improving the budget process in terms of revenue forecasting and expenditure planning. The use of accurate and reliable forecasts in determining key budget parameters was given particular attention.

The sides also considered the need to ensure consistency in financial planning. Improving the quality of forecasting and more effective expenditure planning were identified as areas for further improvement of the budget process.

Following the meeting, representatives of Uzbekistan and the IMF confirmed their readiness to continue joint work on reforms in fiscal management and public financial management.

The sides also agreed to continue studying advanced international practices and develop mutually beneficial cooperation in the relevant areas.