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E-Visa to Uzbekistan
01:42:11 (GMT +5), Friday, 7 August 2020
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Ministry of Foreign Affairs of the Republic of Uzbekistan

Ministry of Foreign Affairs of the Republic of Uzbekistan
Virtual reception the President of the Republic of Uzbekistan Visa of the Republic of Uzbekistan Consular Missions of Uzbekistan overseas

Topical issues

Cooperation of the Republic of Uzbekistan with the International Monetary Fund (IMF)

Uzbekistan joined to the IMF on September 21, 1992.

In accordance with Article IV of the IMF Agreement, representatives of the IMF regularly visit the Republic of Uzbekistan to hold consultations within the government and the Central Bank.

In particular, in September 2013 visit of the IMF mission hold. The goal of the visit was to assess the country’s economic development over the past period of 2013, as well as government policy and economic prospects of the Republic of Uzbekistan. Discussions also touched the preparation for the next phase of consultations with the IMF.

Upon completion of work, on the banking system and the economy development in general, the mission made the following conclusions:

“Despite the deterioration in the global environment, the economy of Uzbekistan continued to growing rapidly. Strong fiscal and external positions, a stable banking system, and low public debt continue contributing to robust macroeconomic performance.

The banking sector remained stable, well capitalized, and highly liquid. Financial deepening is progressing at a modest pace. The authorities continued to engage in IMF and World Bank technical assistance, focused on strengthening prudential regulations, on- and off-site supervision, and stress testing.

The near-term economic outlook is favorable and the prevailing downside risks remain manageable. Despite deteriorating external environment, economic growth is projected to surpass 7 percent in 2013‒14, supported by the government’s large-scale modernization investment program"

However, work continues in the provision of technical assistance on improving the banking supervision, launched in 2012.

The IMF experts involved in the framework of technical assistance positively evaluated the level of the current system of banking supervision.

Central Bank approved an Action Plan for the study and implementation of the recommendations received from the IMF, according to which changes were made in the number of regulations of the Central Bank.

Currently, the recommendations of the mission used on the classification of the bank's assets and stress testing of banks activities. New requirements for liquidity and capital will be implement gradually, starting on January 1, 2015.

However, measures are being taken to improve the skills of specialists of economic institutions of the Republic (Ministry of Finance, Ministry of Economy, Central Bank) in educational institutions of the IMF.

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