Tashkent, Uzbekistan (UzDaily.com) -- On 10 June, a video teleconference was held between representatives of the Ministry of Finance of the Republic of Uzbekistan and experts of the International Monetary Fund, in which the parties discussed preparations for the IMF’s Public Investment Management Assessment (PIMA) in Uzbekistan.

Within the framework of cooperation with the IMF on improving the public finance management system in the Republic of Uzbekistan, an agreement was reached on conducting a PIMA assessment in Uzbekistan.

What is a PIMA score?

The Public Investment Management Assessment (PIMA) provides a comprehensive diagnosis of the strengths and weaknesses of a country’s public investment management system, allowing comparisons with similar groups and recommendations tailored to specific countries.

PIMA Structure Research Institutional Design and Performance

15 key practices called “institutions” and three cross-cutting factors of supporting infrastructure management that shape decision-making throughout the three key stages of the public investment cycle: planning, distribution of [funds] and implementation.

PIMA Benefits

Comprehensiveness. Allows to evaluate the entire state investment cycle from the point of view of macro-fiscal perspectives, starting with the process of investment planning, distribution of the medium-term budget, and ending with the management of the project.

Availability. It provides for effective communication of the results to countries in order to help identify gaps and focus reform priorities.

Practicality. It leads to specific conclusions and recommendations, taking into account the specific needs and capabilities of the country. The recommendations are summarized in a coherent reform action plan, identifying their priorities.

Support coordination. It acts as a catalyst for stronger coordination and subsequent support from development partners. It helps to achieve a common understanding of key issues in the field of public investment, allowing partners to coordinate country strategies and mobilize funding.

Currently, the IMF has completed a PIMA assessment in 63 countries (including the Kyrgyz Republic, Moldova, and Mongolia), and 5 more countries are planned to conduct assessments.

As part of the discussions, the parties identified further steps and necessary preparatory measures for the upcoming PIMA Assessment. It should be noted that, taking into account the continuing risks associated with the distribution of COVID-19, the assessment will be carried out by the IMF experts on a remote basis. The specific date of the assessment will be determined in the near future (tentatively August-September of the current year).