The statement emphasizes that the economy of Uzbekistan is not integrated with the financial markets of developed countries and, for this reason, is unlikely to suffer much (in 2009) from limitations on credit or sharp reductions in the flows of capital.

IMF officials, who were in Tashkent on a visit from December 8 to 19, believe that prospects for the economic development of the republic will on the whole remain auspicious in 2009 with a limited slowdown in the rate of growth and the maintenance of the favourable balances of trade and payments, and a budget surplus.

At the same time IMF officials warn that the serious slump in the world economy will tell on the republic in 2009 through cuts in the prices of exchange goods that are the staple export commodities of Uzbekistan.

Summing up the results of development in 2008, the IMF mission points out Uzbekistan’s stability in the light of the ongoing international credit-lending crisis and the economic slump in developed countries.

The IMF mission draws attention to the fact that the republic’s rate of GDP growth in real terms amounted to 9 percent this year, and that there are substantial surpluses in the accounts of current foreign economic operations and the budget under conditions of the ongoing increase in the foreign-exchange currency reserves and the maintenance of stability in the banking system.