The Uzbek authorities have committed the country to a double transition - from a centrally planned economy to a market economy and from a closed to an open economy - while seeking to prevent the risks of social downgrading and strengthening the rule of law.
AFD supports this reform initiative with a public policy loan programme over the period 2018-2021 combining a series of three budget loans, a dialogue on the modernisation of its economic and financial governance, and a technical assistance programme. This project is the first step of the loan programme.
The project aims to establish a stable and favourable macroeconomic framework for growth by:
improving macroeconomic data collection, analysis and dissemination systems to improve decision-making;
strengthening public financial management and banking supervision to limit the budgetary and financial risks weighing on the State;
modernising governance of State-owned enterprises and public-private partnerships (PPPs) in order to improve the quality of public services and public investment.
At the end of the three subprograms (by 2022), the expected impacts are:
- a better transparency of statistical information via the Central Bank website and IMF data dissemination system;
- more efficient public expenditures by implementing a medium-term budget framework enabling to pilot expenditures on a three-year horizon within the ministries and a better supervision of the state-owned enterprises;
- an increase of private investment thanks to a reform of banking regulation offering a larger range of investment and saving tools;
- improvement of the performance and services of State-owned enterprises by adopting new rules on corporate governance in order to limit the risks faced by the State and make managers accountable for achieving their objectives.
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