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.
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