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Middle East and Central Asia > Uzbekistan, Republic of

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Cover Selected Issues Papers
State Owned Enterprises in Uzbekistan: Issues and Reform Options
Alejandro Simone
,
Sarvar Ahmedov
,
Shuyi Wang
, and
Amel Ould-Brahim
This paper provides an overview of the role of state-owned enterprises (SOEs) in Uzbekistan, examining their economic footprint, financial performance, and reform trajectory. It describes how SOEs play a prominent role in the economy while interacting closely with public finances through various forms of support and the creation of fiscal risks. The paper reviews recent reforms to SOE governance, transparency, and privatization frameworks, and discusses areas of progress and challenge. Drawing on international experience, it concludes that advancing SOE reforms will require clarifying the state’s ownership role, reducing SOE presence in non-strategic and competitive sectors, and strengthening governance, transparency, and incentives in enterprises remaining under state ownership to support private sector-led growth.
Keywords:
State-owned enterprises; privatization; fiscal risks; corporate governance; state ownership; structural reforms; Uzbekistan; transition economy
Cover IMF Staff Country Reports
Republic of Uzbekistan: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
Selected Issues
Keywords:
Uzbek SOE; reform option; staff team; copyright page; state-owned enterprises of Uzbekistan; Public enterprises; Privatization; Corporate governance; Mining sector; Global; Middle East; Central Asia
Cover IMF Staff Country Reports
Republic of Uzbekistan: 2026 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Uzbekistan entered 2026 from a position of economic strength, reflecting sustained reform efforts, favorable terms of trade, robust investment, and strong inflows of income and capital. Fiscal and external positions have improved, providing an opportunity to entrench macroeconomic stability, rebuild buffers, and lock in recent disinflation gains. At the same time, policies must navigate a challenging environment characterized by strong domestic demand, higher energy prices, and elevated global uncertainty.
Keywords:
CBU note; IMF holding; IMF article; CBU's internal oversight; Imf executive board; Uzbekistan's de jure; facto exchange rate arrangement; Debt sustainability analysis; Middle East; Global; Central Asia; Europe; Asia and Pacific
Cover Departmental Papers
Rethinking Fiscal Policy and Frameworks in the Caucasus and Central Asia
Masud Al Taj
,
Nazim Belhocine
,
Alejandro Hajdenberg
, and
Iva Petrova
This paper evaluates the fiscal frameworks in the CCA and finds significant scope to strengthen fiscal policy along its stabilization, allocation, and sustainability dimensions. Priorities include enhancing automatic stabilizers through reforms to personal income taxation and social protection systems; refining fiscal rules to better accommodate cyclical conditions and strengthen enforcement; and anchoring fiscal planning in credible medium-term expenditure and fiscal frameworks underpinned by realistic macro-fiscal projections. Reinforcing fiscal risk management—including risks associated with state-owned enterprises (SOEs), public-private partnerships (PPPs), financial sector vulnerabilities, and climate-related shocks—will also be increasingly important for safeguarding fiscal space. Improvements in transparency, specifically on fiscal reporting and the coverage of quasi-fiscal activities would strengthen accountability and help policymakers better assess underlying fiscal positions, supporting more effective prioritization and resource allocation. The successful implementation of these reforms would require sustained political commitment, coordinated capacity development, and sustained engagement with international partners. By modernizing fiscal institutions and grounding policy in transparent, forward-looking frameworks, CCA countries can strengthen the countercyclical role of fiscal policy, support private-sector development, and enhance resilience to future shocks. Taken together, these reforms would help the region sustain higher, more inclusive growth and make progress further on its economic transition path.
Keywords:
Fiscal Policy; Fiscal Frameworks; Fiscal Stabilization; Fiscal Risk Management; Fiscal Sustainability; Fiscal Rules; Cca country; Cca countries' spending; fiscal policy effectiveness; State spending; IMF team; Fiscal risks; Fiscal governance; Central Asia; Eastern Europe; Central and Eastern Europe; Asia and Pacific; Europe
Cover Departmental Papers
Central Bank Independence and Monetary Policy Effectiveness in the Middle East, Central Asia and Caucasus
Dmitry Gershenson
,
Omer Faruk Akbal
,
Mohamed Belkhir
,
Rhea Gupta
,
Koba Gvenetadze
,
Ashraf Khan
,
Fei Liu
,
Antonio Manzanera
,
Nasir H Rao
,
Umang Rawat
,
Xiaoqiao Shen
, and
Subir Lall
The subject of central bank independence (CBI) remains a keenly debated topic even decades into its adoption in a growing number of countries. CBI has recently come under renewed scrutiny, including in the Middle East and Central Asia (ME&CA) countries, as pressures for monetary policy to accommodate fiscal needs have intensified. To better inform the debate around CBI, this paper provides the first comprehensive analysis of its role in managing inflation including when subject to shocks, a key indicator on the effectiveness of monetary policies, in ME&CA countries using a novel data set and country deep dives. It further identifies institutional strengths and weaknesses of CBI in ME&CA countries and offers tailored policy recommendations to strengthen CBI.
Keywords:
central bank independence; inflation; monetary policy; macroeconomic resilience; Middle East; Central Asia and Caucasus; cbi reform; IMF team; cbi Subindices; inflation outcome; cbi momentum; cbi reference; IMF tool; Central bank autonomy; Monetary policy frameworks; Central bank legislation; Central bank organization; Price stabilization; Central Asia; Middle East and Central Asia; Asia and Pacific; North Africa
Cover High-Level Summary Technical Assistance Reports
Uzbekistan: Public Investment Management Assessment Update with the Climate Module
Amanda Sayegh
,
Juan Alberti
,
Eduardo Aldunate
,
Ken Cleary
,
Mathieu Di Cristo
,
Simona Pojar
, and
Magdalena Tomczynska-Smith
This technical assistance assessed Uzbekistan’s public investment management practices and their climate sensitivity using the Public Investment Management Assessment (PIMA) with the Climate Module (C-PIMA). The assessment found that Uzbekistan has made important progress in strengthening public investment management since 2020, with the introduction of fiscal rules and improvements in project appraisal, selection, monitoring and management of PPP related fiscal risks. Uzbekistan’s public investment management institutions compare well with its peers, though there is room for improvement. In particular, planning and allocation processes remain fragmented with parallel investment procedures for domestic and externally financed projects. Implementing further reforms to improve strategic planning, align investment procedures across funding sources, enhance the PPP selection process and strengthen capital budgeting processes, including for maintenance, would be especially beneficial. Integrating climate considerations into existing processes would also enhance the resilience of public investment.
Keywords:
Public investment management; PIMA; C PIMA; climate change; green PFM; technical assistance report; climate sensitivity; investment management; report series; Imf publication; Public Investment Management Assessment update; pim framework; investment level; Public investment spending; Public Investment Management Assessment (PIMA); Capital budget; Global
Cover Technical Assistance Reports
Republic of Uzbekistan: Technical Assistance Report-Report on Government Finance Statistics and Public Sector Debt Statistics Mission (April 1–11, 2025)
International Monetary Fund. Statistics Dept.
This technical assistance (TA) mission on Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) was conducted in Tashkent, Republic of Uzbekistan during April 1–11, 2025. The primary objective of the mission was to assist the authorities in their efforts to enhance data quality and strengthen the compilation and dissemination of fiscal and public debt data to support policy analysis, decision making and Fund surveillance in line with internationally comparable best practices and standards. Specifically, the mission assisted with the sectorization of public sector units, evaluating source data quality including for preliminary high frequency GFS as well as updating the work program for GFS and PSDS improvement. The mission was funded by the Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) and the Data for Decision (D4D) Fund.
Keywords:
Government Finance Statistics; Public Sector Debt Statistics; Sectorization; General Government; Capacity Building; GFSM 2014; CCAMTAC; D4D.; Statistics mission; IMF's Statistics Department; authorities of the Republic of Uzbekistan; State debt department; C. GFS; Public sector; Monetary statistics; Data collection
Cover IMF Staff Country Reports
РЕСПУБЛИКА УЗБЕКИСТАН: КОНСУЛЬТАЦИИ 2025 ГОДА В СООТВЕТСТВИИ СО СТАТЬЕЙ IV—ПРЕСС-РЕЛИЗ И ДОКЛАД ПЕРСОНАЛА МВФ
International Monetary Fund. Middle East and Central Asia Dept.
Узбекистан достиг значительных успехов в переходе к рыночной экономике. Масштабные экономические реформы привели к преобразованиям в экономике и стимулировали приток капитала, который в сочетании со стабильными денежными переводами и благоприятными ценами на сырьевые товары обеспечил устойчивый экономический рост. Официальные органы сохраняют твердую приверженность своей программе реформ, направленной на укрепление макрофинансовой стабильности, сокращение роли государства в экономике и содействие развитию динамичного частного сектора.
Cover IMF Staff Country Reports
РЕСПУБЛИКА УЗБЕКИСТАН: ОТДЕЛЬНЫЕ ВОПРОС
International Monetary Fund. Middle East and Central Asia Dept.
ОТДЕЛЬНЫЕ ВОПРОС
Cover IMF Staff Country Reports
Republic of Uzbekistan: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
In the context of Uzbekistan’s transition to a market-based economy, the authorities have undertaken several reform measures that strengthened banking supervision. Starting in 2019, a new central bank law enhanced the independence of the Central Bank of Uzbekistan (CBU) and set price and banking sector stability as its mandate. In 2020, the Government of Uzbekistan’s (GoU) Banking Sector Reform Strategy laid the foundation for privatizing many state-owned commercial banks (SOCBs) and changing their operating model towards a commercially orientated and competitive system. In December 2023, the CBU Board of Directors adopted the Guidelines on Risk-Based Supervision (GRBS). As of November 2024, additional legislations1 have been drafted and are under consideration by the Parliament: i) to establish the Financial Stability Board and designate the CBU as the new Resolution Authority; and ii) to extend the deposit insurance system from physical persons to legal entities, introduce a limit to the protection of deposits (UZS 200 MN), and gradually reduce the term for the possible compensation to depositors (up to seven days).
Keywords:
IMF-World Bank Financial Sector Assessment Program; risk profile; On the Central Bank of the Republic of Uzbekistan; IMF Financial Sector Assessment Program; problems assets; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Financial sector stability; Credit risk; Global