Tashkent, Uzbekistan (UzDaily.com) -- On 4 November 2020, President of the World Bank Group (WBG) David Malpass and Deputy Prime Minister, Minister of Economic Development and Poverty Reduction of the Republic of Uzbekistan Jamshid Kuchkarov held a virtual meeting on the sidelines of the WBG-IMF Annual Meetings. The parties discussed the economic situation in the country and important social and economic reforms implemented by the Government.   

Other WBG senior officials, Minister of Finance Timur Ishmetov, Chairman of the Central Bank Mamarizo Nurmuratov, as well as representatives of the Ministry of Finance, the Ministry of Investment and Foreign Trade, and other state agencies also attended the meeting.

The Uzbek side noted the WBG technical and financial support that contributed to the implementation of the reform agenda. The WBG President was informed about the current economic situation in the country, and the results of GDP growth expected this year and projected for 2021.

The parties also exchanged views on the macroeconomic policy, especially measures that the authorities taken in the area of fiscal stimulus and management of budgetary processes this year.

David Malpass welcomed the ongoing reforms and positive economic performance that the country demonstrated despite the COVID-19 crisis. Meanwhile, Anna Bjerde, Vice President of the World Bank for Europe and Central Region, noted the fruitful cooperation between Uzbekistan and the WBG and the country’s strong commitment to continuing important reforms despite challenges of the pandemic. 

The Uzbek side informed the WBG President about the measures taken to ensure openness and transparency in the use of state financial resources, including foreign loans, as well as key reforms in various sectors of the domestic economy to be implemented in the near future. 

The parties also considered the progress achieved in reforming agriculture, energy, and social protection sectors, as well as efforts that the authorities are taking to reduce poverty across the country. The Government also pays considerable attention to the reforms related to privatization and the transformation of state-owned enterprises. The Decree of the President of the Republic of Uzbekistan "On measures for accelerated reform of enterprises with state participation and privatization of state assets" adopted in October 2020, will pave the way for further changes in this area. 

The WB President noted that, if effectively implemented, reforms in the area of privatization and transformation of state-owned enterprises will bring good dividends in the long-term perspective. 

David Malpass reiterated the WBG’s readiness to continue supporting Uzbekistan in implementing the reform agenda, including through the WBG Country Partnership Framework for 2021-2025. It will outline technical and financial assistance the WBG that will help the Government achieve tangible results in various social and economic areas in the next five years.