Tashkent, Uzbekistan (UzDaily.com) — President Shavkat Mirziyoyev has announced the creation of a Financial Stability Council in Uzbekistan. The statement was made during his address at the 4th Tashkent International Investment Forum.

The President emphasized that the International Monetary Fund (IMF) and the World Bank have expressed full support for Uzbekistan’s ongoing reforms in the banking sector, insurance system, and capital markets.

"Recently, together with the IMF and the World Bank, we conducted Uzbekistan’s first comprehensive assessment of the financial sector. Our international partners expressed full support for our reforms in banking, finance, insurance, and the stock market," Mirziyoyev said.

To further advance these reforms, Uzbekistan will establish the Financial Stability Council, while the Central Bank will launch specialized platforms focused on cybersecurity and financial technologies.

The President also outlined major transformations in the insurance sector, including the creation of a National Reinsurance Company and the launch of a Global Digital Reinsurance Platform.

He placed particular emphasis on the development of alternative financial instruments, especially venture capital. “Alternative financing sources for startups — venture capital — are gaining momentum. For the first time in Uzbekistan’s history, two domestic startups have reached a valuation of over one billion dollars. We aim to continue increasing the number of such companies,” he stated.

To support this effort, a draft law “On Alternative Investment Funds” has been developed, and Uzbekistan plans to increase the volume of venture and other alternative investments to $1 billion within the next five years.