Tashkent, Uzbekistan (UzDaily.com) — On 16-17 February, Deputy Prime Minister of the Republic of Uzbekistan and Minister of Economy and Finance, Jamshid Kuchkarov, participated in the Conference of Emerging Market Countries in Al-Ula, Saudi Arabia. During the event, a meeting was held with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva.

The discussion focused on the current state of active cooperation between Uzbekistan and the IMF, as well as future plans. It was noted that from 2017 to 2024, with the support of the IMF, over 90 technical assistance projects, advisory services, and financial programs have been implemented in Uzbekistan, aimed at supporting the country’s economic reforms.

The Financial Sector Assessment Program (FSAP), launched in Uzbekistan in November 2024, was also discussed. This program, carried out in collaboration with the IMF and the World Bank, aims to conduct a deep analysis of the country’s financial system’s stability and development needs. As a result of FSAP, appropriate recommendations will be developed to strengthen the financial system, with continued support from the IMF for their implementation.

The meeting also covered issues of transparency and accountability in public financial management. Uzbekistan has undertaken large-scale reforms in the framework of the 2020-2024 Public Financial Management Strategy. In this context, it was noted that it would be prudent to update the results of the Fiscal Transparency Evaluation (FTE) conducted in 2019 and assess the effectiveness of recent reforms.

The expansion of cooperation between Uzbekistan and the IMF was also discussed, particularly in relation to the upcoming conference of finance ministers and central bank heads from the Gulf Cooperation Council (GCC) and the Caucasus and Central Asia (GCC+CA) countries, scheduled to be held in Samarkand in 2025.

Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov invited Kristalina Georgieva to attend the event and expressed Uzbekistan’s readiness to continue close cooperation with the IMF leadership.