## Implementation of D4D-funded technical assistance missions’ recommendations in Uzbekistan

## Source details

**Canonical URL:** [Implementation of D4D-funded technical assistance missions’ recommendations in Uzbekistan](https://www.imf.org/-/media/files/capacity-developement/d4d/june-2023/02-country-case-uzbekistan.pdf)

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- [Markdown version](/-/media/files/capacity-developement/d4d/june-2023/02-country-case-uzbekistan.pdf.md)
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### Uzbekistan overview and key statistics
- Area: 447,400 km²
- Population (in 2022): 36.02 mln. people
- Nominal GDP (in 2022): USD 80,4 bln.
- Major export items: Gold, Textile and Agrocultural products

### Evolution of external accounts
- Current Account (% of GDP): graphical evolution presented for 2017, 2018, 2019, 2020, 2021, 2022 with components: Goods, Services, Primary Income, Secondary Income, Current Account.
- Financial Account (% of GDP): graphical evolution presented for 2017, 2018, 2019, 2020, 2021, 2022 with components: FDI, Portfolio Investment, Other Investments, Reserve Assets, Financial Account.

### IMF (D4D) Mission 2018 (October 15–26) — results attained
- Central Bank of Uzbekistan (CBU) responsibilities and legal basis:
  - Central bank’s responsibility to compile external sector statistics and rights to receive data from agencies for these purposes were established in CBU law.
- Data models and estimates implemented:
  - A model to account for income of short-term workers working abroad was developed and implemented.
  - Imports of passenger transport for all means of transport was estimated and included in BoP.
  - A model to account for tourism services was developed and implemented.
- Data and reporting improvements:
  - Reporting forms for companies operating under production sharing agreement were reviewed to ensure consistency between stocks and flows in direct investments.
  - ITRS was implemented to commercial banks.
  - BoP and IIP for 2016-2017 was compiled and published in accordance with recommendations of BPM6.
  - Errors in compiled data were corrected and compilation process was reviewed.
- Additional methodological and compilation outputs:
  - BoP and IIP for 2014-2015 were revised, and standard representations of the tables of the BoP, IIP and External Debt in the appropriate format were published on the CBU website.
  - The methodology for calculating operations on reinvested income for non-financial corporations has been adjusted and results were reflected in the BoP.
  - A file has been developed for calculating government released Eurobonds based on market prices.
  - A file has been developed for calculating operations and balance of SDR allocations and SDR holdings (taking into account accrued interest).

### IMF (D4D) Mission 2019 (September 30–October 11) — results attained
- (No separate bullet items beyond mission heading provided in source content; prior and subsequent missions contain detailed outputs.)

### IMF (D4D) Mission 2020 (November 9–20, remote) — results attained
- Data collection and SDDS-related templates:
  - Data collection templates for the compilation of QEDS tables (sectoral breakdown of gross external debt; gross external debt position (in foreign and national currency); and integrated table of gross external debt broken down by sector, report forms on deposits) were developed and agreed (as one of SDDS requirements).
- Government debt reporting:
  - A report form for collecting the information on government and government guaranteed debt has been developed.
- Historical compilation:
  - A pilot version of the BoP and IIP for 2010–2013 was compiled based on existing balance of payments data compiled by the Ministry of Economy (MOE).

### IMF (D4D) Mission 2021 (November 1–12, remote) — results attained
- Historical BoP/IIP compilation:
  - BoP and IIP for 2005-2009 were compiled (based on existing BoP data by the MOE) and published in accordance with recommendations of BPM6.
- Methodological refinements:
  - Certain adjustments to the current method for estimating foreign currency in households were made (based on cash flow estimates and taking into account all inflows and outflows of foreign cash).
  - The methods used to calculate stocks and flows of debt securities whose issued price differs from the face value were adjusted.

### Work in progress and capacity building
- Automatization of reporting forms collected from commercial banks.
- Capacity building (seminars, workshops, etc.) for recently joined personnel.
- Developing projection skills (models) for estimates of main BoP indicators.
- Designing agenda for a new D4D TA mission on ESS.

### Issues to be considered and next priorities
- Possibilities of participation of Uzbekistan in the Coordinated Direct Investment Survey (CDIS) in collaboration with Statistics Agency.
- Creation of a file for calculating the balance of payments to adjust for unrecorded imports and exports by using mirror data of principal trade partners.
- Understanding the nature of surge in remittance inflows and adjustments in trade balance.
- Distinction of trade credits between affiliated corporations.
- Coordination with the Ministry of Economy and Finance on the format for providing data on the schedule for the payment of the principal and interest of the government and government guaranteed external debt.

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_Source: https://www.imf.org/-/media/files/capacity-developement/d4d/june-2023/02-country-case-uzbekistan.pdf_