Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has launched the Financial Sector Assessment Program (FSAP), conducted by the International Monetary Fund (IMF) and the World Bank. This comprehensive assessment, which began with a meeting between experts and the leadership of the Central Bank, is crucial for analyzing the resilience and future development of the country’s financial sector.

The head of the Central Bank, M. Nurmuratov, emphasized the importance of the FSAP as a tool for identifying problematic areas and determining directions for strengthening the financial system.

As part of the program, IMF and World Bank experts will examine:

- The regulatory and legal framework of the financial sector.

- The payment and settlement system.

- The stability of the banking and non-banking sectors.

Stress tests will also be conducted, along with an analysis of systemic risks and an evaluation of the regulators’ ability to manage crises effectively.

In addition to the Central Bank, the Ministry of Economy and Finance, the National Agency for Prospective Projects, commercial banks, and other relevant agencies are involved in the assessment.

The FSAP, conducted since 1999, provides a comprehensive analysis of a country’s financial sector. The IMF focuses on stability aspects, while the World Bank concentrates on the financial system's developmental needs.

Upon completion of the assessment, recommendations for further reforms will be presented, along with assistance to strengthen Uzbekistan's financial system.