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Uzbekistan significantly improves fiscal policy transparency indicators

Uzbekistan significantly improves fiscal policy transparency indicators
The Agency of Information and Mass Communications under the Administration of the President of the Republic of Uzbekistan hosted a briefing that was organized by the Ministry of Finance of the Republic of Uzbekistan with participation of the expert from the International Monetary Fund Amanda Sayegh.

In June 2018, the IMF experts conducted an assessment of fiscal transparency based on the IMF’s Code of Good Practices on Fiscal Transparency. This assessment was conducted for the first time in Central Asia.

Based on the results of the assessment, it was concluded that Uzbekistan meets the basic standard or higher standards according to 16 of the 36 principles, which revealed the need to carry out comprehensive targeted work in this direction. In a report prepared on the basis of the results of the assessment, IMF experts noted a number of important areas in which improvements are possible, as well as made recommendations on enhancing fiscal transparency in Uzbekistan.

After the assessment, the government of Uzbekistan took concrete steps and actions to improve fiscal transparency. In March this year, the IMF mission updated the assessment of fiscal transparency. Thanks to the measures taken to increase the openness of budget data, the indicators of fiscal transparency improved by eight principles of the IMF’s Code compared to the assessment conducted in June 2018.

At the briefing, Amanda Sayegh made a presentation on the main areas of cooperation between Uzbekistan and the IMF on increasing the openness of budget data and improving the compilation of government finance statistics. At the presentation, the results of the assessment of fiscal transparency, conducted by the IMF in June 2018, as well as the results of the update of this assessment, conducted in March 2019, were presented.

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Munavvar Razakova, UzA