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Strengthening the economic and financial governance is crucial for the development of Uzbekistan. AFD provides its support to the Uzbek Government in pursuing reforms along this line with a Public Policy Loan. The objective is to achieve macroeconomic stability and a climate conducive to a sustainable high-growth.

Thirty years after the implosion of the Soviet Union, Uzbekistan is now at a crossroads. Political authorities have set the country on the path of a double transition, from planned economy to market economy and from closed economy to open economy. At the same time, they endeavored to prevent the risks of social downgrading and to strengthen the rule of law.

The first reforms have been implemented as part of the national Strategy of Actions on Further Development of Uzbekistan and demonstrate the voluntarism of the Uzbek Government. AFD  supports this approach with a Public Policy Loan  that is part of a broader  operation of three successive budgetary loans to the Republic of Uzbekistan.


The Program aims at  supporting the government’s reform agenda  as set forth in  national  Strategy of Actions on Further Development of Uzbekistan. It focuses on three pillars : 

  • Improving  macroeconomic data collection, analysis and  dissemination to inform decision making
  • Strengthening public financial management and banking supervision to limit budgetary and financial risks to the Uzbek State
  • Modernizing governance of State-owned enterprises and Public-private partnerships (PPP)  to improve the quality of public services provision and investments. 

The expected impacts of the Program are : 

  • A more effective public spending, through the  implementation of a medium-term budgetary framework, internal audits in key government departments and a better supervision of State financial participation
  • Increased private investments, through a reform of banking regulation that will help to expand the types of tools that companies can use for investment and savings
  • Better performances and services provision of State-owned enterprises, through the adoption of new rules on corporate governance , to limit the risks  to the State and et strengthen managers accountability. 
Project start date
Financing tool
150 000 000
Financing amount
Republic of Uzbekistan