## 1. Priority Recommendations

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### Mission scope and high-level outcomes
- Remote multi-topic statistics diagnostic mission: March 1–19, 2021.
- Cooperation: State Committee of the Republic of Uzbekistan on Statistics (SSC), Central Bank of Uzbekistan (CBU), Ministry of Finance (MOF).
- Mission tasks:
  - Assessed collection, compilation, and dissemination practices for NA, prices, GFS (including public debt), ESS, MFS, and SDDS subscription.
  - Identified high-level priorities and developed a medium-term action plan and capacity development needs.
  - Developed a roadmap for SDDS subscription with a target subscription date of end-December 2022.
- Context:
  - Uzbekistan implemented the e-GDDS in May 2018; inaugural country page published February 2020 IFS.
  - National Strategy for the Development of Statistics, 2020–25 (Strategy 2020-25) adopted August 2020.

### Key achievements and remaining gaps (selected)
- Progress:
  - SSC plans full implementation of the 2008 SNA by December 2021 and is revising NA time series.
  - SSC compiling discrete quarterly NA data from Q1 2019 large-enterprise survey; plans to publish first discrete quarterly estimates in September 2021.
  - CBU disseminates BOP and IIP in line with BPM6 since 2020, with historical series back to 2010; EDS improved and submitted to QEDS.
  - CBU began disseminating monetary statistics for depository corporations on its website and submitting historical data from January 2013 to IFS (dissemination started December 2019).
  - MOF disseminates GFS in accordance with GFSM 2014 methodology and is implementing DMFAS.
- Notable data quality / coverage gaps:
  - SDDS coverage shortfalls for fiscal sector categories: general government operations (GGO), central government operations (CGO), central government debt (CGD), and external debt; Reserves Data Template not compiled/disseminated.
  - Fiscal financing gaps: off-budget accounts (OBAs) of budgetary central government organizations inclusion underway (19.6 percent of total general government expenditure or six percent of GDP in 2020). Remaining gaps include: externally financed policy on-lending by the state budget to public corporations (~0.5 percent of GDP in 2019); lack of data on recoverability of government lending and equity injections for policy purposes (5.4 percent of GDP in 2019); incomplete coverage of transactions in currency and deposits; guarantees serviced by government outstanding ~2.2 percent of GDP in 2020.
  - ESS: imports likely underestimated by around five percent of total imports, and exports up to 10 percent based on 2019 data. Household foreign-currency holdings appear overstated (largest IIP asset item other than international reserves).
  - Quarterly GDP, production index, and merchandise trade currently disseminated as cumulative rather than discrete series.

### Priority cross-cutting recommendations
- Establish coordination mechanism for regular discussion and agreement on cross-cutting methodological and compilation issues (MOF, CBU, SSC). Target date: December 2021.
- Supplement public units list to include entities engaged in financial activities and agree on their sectoring (MOF, CBU, SSC). Target date: September 2021.
- Agree coordinated implementation of revised sector classification of public units across GFS, NA, MFS, and BOP/IIP (MOF, CBU, SSC). Target date: September 2021.
- Establish mechanism to conduct regular consistency checks among ESS, MFS, GFS, and NA (MOF, CBU, SSC). Target date: December 2021.
- Leverage CCAMTAC and STA for capacity development and peer learning.

### National accounts and price statistics — findings
- Annual NA compiled to 1993 SNA; SSC plans to implement 2008 SNA by December 2021.
- Annual NA compiled by production approach; constant price estimates use annual chain-linking.
- Significant scope to improve non-observed economy (NOE) estimates; inadequate inclusion of “black market” transactions risks underestimating nominal GDP.
- Quarterly NA currently compiled from cumulative data; SSC plans to publish discrete quarterly estimates in September 2021.
- PPI coverage adequate for mining, manufacturing, utilities; planned expansions to agriculture (dissemination planned January 2022) and construction (under development).
- CPI covers all households (urban and rural) and 14 regions; regional CPI weights and baskets not yet developed.
- Current CPI/PPI practice uses “carry forward” for missing prices — recommended to discontinue and replace by imputation; permanently missing prices should be replaced; explicit quality adjustments not yet feasible — recommend implicit methods (overlap and imputation).
- SSC compiles XMPI using customs data; recommended to consider hybrid approach combining unit values and sampled price collection.

### National accounts and price statistics — priority recommended actions (selected)
- Adopt and start implementing proposed new revision policy for quarterly NA (SSC (NAD)). Target date: July 2021.
- Compile experimental NOE estimates by applying the labor input method (SSC (NAD)). Target date: December 2021.
- Disseminate revised time series of NA in accordance with the 2008 SNA (SSC (NAD)). Target date: December 2021.
- Develop regional weights and baskets for CPI (SSC (Price Statistics Department (PSD))). Target date: December 2021.
- Using establishment data, develop detailed PPI product/transaction weights and expand PPI sample to include small establishments via phased approach; adopt PPI revision policy.
- Discontinue “carry forward” method; impute temporarily missing prices (including seasonal) and replace permanently missing prices; adopt indirect methods of quality adjustment for CPI and PPI.
- Consider hybrid approach for XMPIs.
- Source-data and dissemination notes:
  - Annual business surveys and HBS (annual sample 10,000 households, 0.2 percent of total households) are primary sources.
  - Preliminary annual GDP published one month after reference year (too early); preliminary quarterly GDP published after 20 days (too early). Recommended preliminary quarterly dissemination between 60 and 80 days after reference period.

### Government finance statistics and public sector debt — findings
- MOF compiles fiscal data under Budget Code (Law of December 26, 2013, amended January 14, 2021).
- Steps toward GFSM 2014 alignment: GFSD established (Presidential Decree No. 3917, August 22, 2018); 2020 Budget presentation includes GFSM 2014-based presentation alongside national format and a reconciliation table.
- Budget coverage expanded to include most extra-budgetary funds (EBFs) and FRD; OBAs of budgetary organizations inclusion underway.
- Debt reporting based on national methodology; quarterly table on “public” debt disseminated in U.S. dollars excludes some government units and accounts payable.
- DMFAS implementation ongoing; includes state budget external debt historical data; domestic debt data entry underway; system cannot yet easily extract monthly data needed for Reserves Data Template.
- Coverage expansion by end-March 2022 expected to include OBAs, EBFs, externally financed expenditure, and on-lending on quarterly/annual basis.

### Government finance statistics and public sector debt — recommended actions (selected)
- Prepare and disseminate reconciliation table between national budget execution format and GFSM 2014 and provide it to IMF MCD at least quarterly (MOF (Budget Department)). Target date: June 2021.
- Improve GFS and debt data quality by including financing operations not passing through the TSA and budget; collect actual transactions in deposits reconcilable with MFS and apply SFA checks (MOF (Budget Department, DEPDD)). Target date: March 2022.
- Examine recoverability of policy lending to classify as expenditure or financing (MOF (Budget Department and DEPDD)). Target date: March 2022.
- Consider increasing staff resources for compiling GFS and debt statistics (one-two additional staff per unit suggested).
- Improve DMFAS to incorporate domestic debt, track use of external debt, reconcile stocks and flows, and automate debt report compilation in line with GFSM 2014 and PSDS Guide.
- Serviceability/accessibility:
  - MOF to start disseminating monthly CGO and quarterly CGD with specified timeliness as per SDDS Guide. Target dates: November 2021 (CGO), March 2022 (GGO and CGD).

### Monetary and financial statistics — findings
- CBU legal mandate for monetary statistics: Central Bank Law (last amended November 19, 2019); SRD responsible for MFS compilation.
- SRD structure: Monetary and Financial Statistics Division (MFSD) with Monetary Statistics Unit (MSU), Other Financial Corporations Statistics Unit (OFCSU), Banking Statistics Unit (BSU), and Publication and Dissemination of Statistical Data Unit (PDSDU).
- MFSD staff: 13 professional staff, eight dedicated full-time to monetary statistics and developmental work.
- Institutional coverage: CBS, ODCS, and DCS cover CBU and 31 resident commercial banks (complete coverage). OFCs not yet fully compiled; OFCs currently < five percent of total financial-system assets.
- Monetary base and broad money definitions broadly aligned with MFSMCG, with departures: inclusion of deposits to cover letters of credit and deposits longer than one year in broad money; securities held-to-maturity valued at amortized cost.
- COAs of CBU and commercial banks require revisions to include counterparty sector breakdowns and sectoral detail for accrued interest and certain accounts; planned COA revision to be completed by end-2021.
- Timeliness: surveys compiled and disseminated monthly with timeliness of 20–22 days after reference month; CBS can be compiled in one week — SRD to disseminate each survey as soon as finalized to meet SDDS timeliness.

### Monetary and financial statistics — recommended actions (selected and timing)
- Exclude IMF financing under the RFI and RCF and corresponding on-lending from the CBU balance sheet as per MOU between MOF and CBU; disseminate revised CBU data and submit SRF 1SR to STA (CBU SRD and ARD). Target date: June 2021.
- Introduce necessary revisions in COAs of the CBU and commercial banks in close collaboration (CBU SRD and ARD). Target date: December 2021.
- SRD to send proposed COAs for CBU and commercial banks to STA for comments before finalization.
- Value securities held-to-maturity at market price or fair value in monetary statistics (SRD).
- Continue collaboration with IMDA and Uzbekistan Lessors Association (ULA) to finalize reporting forms for ICs and LCs to collect OFC balance-sheet data.

### Inter-sectoral consistency
- MOU signed March 2020 between CBU, MOF, and SSC for data sharing; quarterly reconciliation of DCs deposits with central government performed.
- Remaining reconciliation tasks: claims of central government with CBU and local government positions; formal reconciliation between MFS and ESS not yet established despite large discrepancies.
- Recommended: formal reconciliation between MFS and ESS and regular consistency checks among MFS, ESS, GFS, and NAs.

### IMF financing treatment and intersectoral inconsistency (275.6 million SDRs)
- Issue: 275.6 million SDRs is being treated as a liability to the IMF in both the MFS and GFS, resulting in double-counting liabilities to nonresidents.
- Recording practices identified:
  - CBS: financing classified as a liability to the IMF and on-lending to the central government on the assets side.
  - GFS: financing treated as a liability to the IMF.
  - ESS: financing treated as a liability of the central government to nonresidents.
  - CBU: included the financing in its balance sheet as the CBU is the depository and fiscal agent with the IMF.
- Legal/institutional basis for recommended exclusion of financing from CBU balance sheet:
  - MOU between MOF and CBU: funds received by the government will be fully used to provide budget support; Article 3 states funds under RFI and RCF are a liability of the central government.
  - Article 6 of the Central Bank Law prohibits the CBU from granting loans to the central government.
  - MOF does not record any liability for on-lending from the CBU.
  - Recommended treatment confirmed by MCD’s country team for Uzbekistan.

### Agreed actions and operational changes for IMF financing
- Upon Finance Department confirmation:
  - SRD to coordinate with ARD to exclude IMF financing under RFI and RCF from liabilities side of the CBU balance sheet and the counterpart on-lending to central government from assets side.
  - Promissory note issued by MOF/CBU to the IMF should remain as a CBU off-balance sheet account.
  - Once removed from CBU’s balance sheet, SRD to change the bridge table that automatically generates SRF 1SR; this will decrease claims on central government coupled with a decrease in liabilities to nonresidents in the CBS.
- Timeline and dissemination:
  - Disseminate revised CBU data excluding the IMF financing beginning in May 2020 on the CBU website and submit them to STA in SRF 1SR.
- Recommended compilation actions and target dates:
  - SRD to introduce needed changes in the bridge table that automatically generates SRF 1SR for the CBU when the IMF financing has been excluded. Target Completion Date: May 2021.
  - CBU to exclude IMF financing under the RFI and RCF, and corresponding on-lending to central government, from the CBU balance sheet and disseminate revised data and submit them to STA in SRF 1SR. Target Completion Date: June 2021.

### Intersectoral reconciliation and consistency issues (details)
- Large inconsistencies between MFS and IIP:
  - Net foreign assets in monetary statistics should be consistent with corresponding measures in the IIP and BOP.
  - Lack of formal reconciliation exercise between MFS and ESS identified.
  - December 2020 Financial Sector Stability Review mission found significant inconsistencies related to recording of IMF financing and ODCs external liabilities; ODCs’ external liabilities in MFS are twice as large compared to IIP.
- Agreed remedy: formal reconciliation between MFS and ESS and establishment of mechanism for regular consistency checks among MFS, ESS, GFS, and NAs.

### Accessibility and dissemination practices (CBU/SRD)
- SRD disseminates CBS, ODCS, and DCS on CBU website under monetary statistics link; monthly data available beginning January 2013 and downloadable to Excel; available in English, Russian, and Uzbek.
- Policy rate:
  - Disseminated on main page and monetary policy tab; table amended whenever change announced, meeting SDDS daily periodicity requirement.
  - Monthly data on policy rate available in downloadable format on CBU website and through NSDP.
  - CBU should consider making daily data available in downloadable format as well.
- Monetary bulletin:
  - Quarterly Statistical Bulletin includes central bank, ODCs, and DCs surveys; quarterly data available for last nine quarters in PDF.
- Reporting to STA:
  - SRD reports monetary statistics to STA using SRFs 1SR, 2SR, and 5SR monthly.
  - SRD reports interest rates and share prices to STA in report form 6SR monthly; SRD agreed to start reporting weighted average rate on treasury bills of more than one-year maturity in 6SR.
- Recommended actions (timing):
  - Update metadata on broad money in CBU website and bulletin to reflect departures from MFSMCG. Target Completion Date: May 2021.
  - Start reporting interest rate on long-term government securities to STA in report form 6SR for IFS publication. Target Completion Date: May 2021.
  - Provide MFSD staff opportunities to attend training courses on relevant statistics.

### External sector statistics (ESS): methodological soundness, staffing, and source data
- Institutional arrangements:
  - CBU responsible for ESS compilation and dissemination (Central Bank Law, Article 12).
  - Cabinet Resolution No. 263 (April 3, 2018) mandates MOF, SCC, SSC to provide information to CBU.
- Staffing:
  - BPD has eight staff positions, two vacant; recommended increase by one-two additional positions and one software developer. Target Completion Date: September 2021.
- Methodological and source data issues:
  - BOP and IIP compiled broadly in accordance with BPM6; CBU started BPM6-format publication in 2018.
  - Shortcomings contributing to large net errors and omissions:
    - Unaccounted imports/exports from understatements in customs declarations; use mirror data.
    - Compensation of employees (credit) data need splitting of labor migrants into short- and long-term; add questions to SSC household survey.
    - Currency and deposits of households (foreign currency cash and overseas deposits) difficult to estimate; current methods may overstate inflows and understate outflows; revisit ratios and explore household and border/airport surveys.
    - Trade credit and advances not split between affiliates and other enterprises; reclassify into DI where appropriate.
    - Government-guaranteed debt was previously included as government debt; CBU implemented guidance and can now disseminate data accordingly.
- Sources for BOP/IIP:
  - SSC, SCC, MOF, commercial bank reports, ITRS, administrative data, CBU surveys; Customs Declaration Database (CDD) is main source for goods.
  - CBU started generating extended QEDS in line with the EDS Guide; extended tables disseminated March 26, 2021.

### ESS — recommended actions and target dates (selected)
- Improve BOP/IIP quality and coverage in line with BPM6 to reduce net errors and omissions.
- Improve estimates of unaccounted imports/exports of goods by using mirror data of main trading partners. Target Completion Date: July 2021.
- Improve data on compensation of employees (credit) by adding survey questions to distinguish short- and long-term employment. Target Completion Date: September 2021.
- Improve estimates of foreign currency (cash) holdings of households to account for unrecorded inflows/outflows. Target Completion Date: June 2022.
- Separate trade credit and advances between affiliated entities from other trade credits and reclassify from other investment into DI. Target Completion Date: October 2021.
- Allocate government-guaranteed debt to appropriate institutional sectors in accordance with BPM6 methodology. Target Completion Date: September 2021.
- SSC to improve quality of survey for foreign economic activities of nonfinancial corporations: increase number surveyed, improve data input quality, and regularly update list of respondents. Target Completion Date: November 2021.
- Prepare and publish metadata for each ESS dataset on the CBU website and update regularly. Target Completion Date: November 2021.

### Serviceability, timeliness, and SDDS-related dissemination
- Current practices and gaps:
  - BOP: preliminary quarterly data disseminated within 75–80 days after quarter; meets SDDS requirement. Final annual data within three quarters after reference year.
  - IIP: periodicity exceeds SDDS requirement.
  - Quarterly EDS: CBU started disseminating quarterly EDS within one quarter after reference period; will meet SDDS if maintained.
  - SSC disseminates monthly IMTS 26 days after reference month; complies with SDDS.
  - Official reserve assets: disseminated monthly on the 21st day after reference month; does not meet SDDS one-week timeliness requirement. CBU intends to disseminate within one week starting with March 2021 data.
  - Exchange rates: since February 2021 CBU sets daily official exchange rates and disseminates daily in downloadable format meeting SDDS periodicity.
  - Reserves Data Template: not yet compiled; CBU working on compilation but MOF source data on predetermined and contingent short-term net drains incomplete for domestic lending/borrowing.
- SDDS action plan highlights and timelines (selected):
  - June 2021: start disseminating monthly official reserve assets within one week after reference month; start disseminating quarterly gross external debt within one quarter (CBU IRMD/FRBPD).
  - June 2021: report QEDS tables to World Bank (CBU FRBPD).
  - September 2021: start disseminating discrete quarterly estimates of GDP (SSC NAD).
  - November 2021 (CGO) and March 2022 (GGO and CGD): start regular dissemination on NSDP annual GGO and monthly CGO data and quarterly CGD with specified timeliness (MOF Budget Department and DEPDD).
  - October 2022 (or earlier): prepare/update e-GDDS/SDDS metadata; update Advance Release Calendar (ARC).
  - December 2022 (or earlier): compile and disseminate Reserves Data Template monthly with one-month timeliness; transmit draft template to STA ~two months prior to dissemination (CBU IRMD and MOF DEPDD).
- Recommended SDDS-related actions (selected):
  - SSC to establish links in NSDP to daily share price index on TRSE website and daily CBU official exchange rates on CBU website.
  - IRMD to start disseminating monthly official reserve assets on NSDP and CBU’s website within one week after end of reference month as prescribed by SDDS.
  - FRBPD to coordinate with MOF the data sharing format on schedule of principal and interest payments for public debt and government-guaranteed debt to feed into Table 6.3 of SDDS Guide.
  - MOF DEPDD to provide CBU monthly data on predetermined short-term net drains on CBU foreign currency assets (from central government domestic borrowing and lending in foreign currency; central government liabilities denominated in foreign currency and settled in domestic currency; and government guarantees on loans in foreign currency with short-term remaining maturity). Target Completion Date: September 2022 or earlier.
  - Prepare/update e-GDDS/SDDS metadata for each SDDS data category as improved data are disseminated on NSDP. Target Completion Date: October 2022 or earlier.
  - Update ARC to include new data categories and reflect improved timeliness and periodicity; disseminate all SDDS prescribed data categories through NSDP. Target Completion Date: October 2022 or earlier.

### Capacity development and coordination
- CCAMTAC together with STA expected to meet authorities’ CD needs in NA, price statistics, GFS, and ESS.
- World Bank engaged in project to strengthen Uzbekistan’s statistical system (population and housing census, household/farm/employment surveys, agricultural census, business registry gaps) and to support participation in next International Comparison Program.
- Recommended CD priorities include:
  - Implementation of discrete quarterly NA.
  - Improved GDP by expenditure estimates.
  - Residential property price index (RPPI).
  - PPI follow-up for agriculture and construction.
  - GFS and PSDS compilation training (stocks and flows).
  - Treatment of policy lending.
  - Compilation of GFS for non-market SOEs.
  - Use of SFA tool.

*Source: IMF mission report — “3. Current Data Dissemination Practices vis-à-vis SDDS Requirements” (selected chapter content), IMF country diagnostic mission report for the Republic of Uzbekistan.*

### 1. Priority Recommendations____________________________________________________________________________ 10

### 1. Priority Recommendations

### Section headings and pagination
- 1. Priority Recommendations ____________________________________________________________________________ 10
- 2. Expanding the Coverage of GFS by end-March 2022 ______________________________________________ 24

*Source: 1uzbea2021002 - 1. Priority Recommendations____________________________________________________________________________ 10*

### 3. Current Data Dissemination Practices vis-à-vis SDDS Requirements _____________________________ 48

### 3. Current Data Dissemination Practices vis-à-vis SDDS Requirements

### Mission scope and high-level outcomes
- A remote multi-topic statistics diagnostic mission took place during March 1–19, 2021.
- In cooperation with the State Committee of the Republic of Uzbekistan on Statistics (SSC), the Central Bank of Uzbekistan (CBU), and the Ministry of Finance (MOF), the mission:
  - assessed collection, compilation, and dissemination practices for national accounts (NA) and prices, government finance statistics (GFS) including public debt, external sector statistics (ESS), monetary and financial statistics (MFS), and SDDS subscription;
  - identified key high-level priorities and developed a medium-term action plan and associated capacity development (CD) needs;
  - developed a roadmap for subscription to the Special Data Dissemination Standard (SDDS) with a target subscription date of end-December 2022.
- Uzbekistan implemented the enhanced General Data Dissemination System (e-GDDS) in May 2018 and authorized inaugural publication of a country page in the February 2020 issue of the International Financial Statistics (IFS).
- The authorities adopted the National Strategy for the Development of Statistics, 2020–25 (Strategy 2020-25) in August 2020.

### Key achievements and remaining gaps (selected)
- Progress:
  - SSC plans full implementation of the 2008 SNA by December 2021 and is revising NA time series.
  - SSC has begun compiling discrete quarterly NA data from Q1 2019 large-enterprise survey; plans to publish first discrete quarterly estimates in September 2021.
  - CBU disseminates BOP and IIP in line with BPM6 since 2020, with historical series back to 2010; external debt statistics (EDS) improved and submitted to QEDS.
  - CBU began disseminating monetary statistics for depository corporations on its website and submitting historical data from January 2013 to IFS (dissemination started December 2019).
  - MOF disseminates GFS in accordance with GFSM 2014 methodology and is implementing DMFAS.
- Notable data quality / coverage gaps:
  - Obvious SDDS coverage shortfalls for three fiscal sector data categories: general government operations (GGO), central government operations (CGO), central government debt (CGD), and for external debt; Reserves Data Template (Template on International Reserves and Foreign Currency Liquidity) is not compiled/disseminated.
  - Fiscal financing gaps: inclusion of off-budget accounts (OBAs) of budgetary central government organizations is underway (19.6 percent of total general government expenditure or six percent of GDP in 2020). Remaining gaps include: externally financed policy on-lending by the state budget to public corporations (~0.5 percent of GDP in 2019); lack of data on recoverability of government lending and equity injections for policy purposes (5.4 percent of GDP in 2019); incomplete coverage of transactions in currency and deposits; guarantees serviced by government outstanding ~2.2 percent of GDP in 2020.
  - ESS: imports likely underestimated by around five percent of total imports, and exports up to 10 percent based on 2019 data. Household foreign-currency holdings appear overstated (largest IIP asset item other than international reserves).
  - Quarterly GDP, production index, and merchandise trade currently disseminated as cumulative rather than discrete series.

### Priority cross-cutting recommendations
- Establish a coordination mechanism for regular discussion and agreement on cross-cutting methodological and compilation issues (MOF, CBU, SSC). Target date: December 2021.
- Supplement public units list to include entities engaged in financial activities and agree on their sectoring (MOF, CBU, SSC). Target date: September 2021.
- Agree coordinated implementation of revised sector classification of public units across GFS, NA, MFS, and BOP/IIP (MOF, CBU, SSC). Target date: September 2021.
- Establish a mechanism to conduct regular consistency checks among ESS, MFS, GFS, and NA (MOF, CBU, SSC). Target date: December 2021.
- Leverage CCAMTAC and STA for capacity development and peer learning.

### National accounts and price statistics — findings and recommendations
Findings:
- Annual NA compiled to 1993 SNA; SSC plans to implement 2008 SNA by December 2021.
- Annual NA compiled by production approach; constant price estimates use annual chain-linking.
- Significant scope to improve non-observed economy (NOE) estimates; inadequate inclusion of “black market” transactions risks underestimating nominal GDP.
- Quarterly NA currently compiled from cumulative data; SSC plans to publish discrete quarterly estimates in September 2021.
- PPI coverage adequate for mining, manufacturing, utilities; planned expansions to agriculture (dissemination planned January 2022) and construction (under development).
- CPI covers all households (urban and rural) and 14 regions; regional CPI weights and baskets not yet developed.
- Current CPI/PPI practice uses “carry forward” for missing prices—this should be discontinued and replaced by imputation; permanently missing prices should be replaced; explicit quality adjustments not yet feasible—recommend implicit methods (overlap and imputation).
- SSC compiles XMPI using customs data; recommended to consider the hybrid approach combining unit values and sampled price collection.

Priority recommended actions (selected and with target dates where given):
- Adopt and start implementing proposed new revision policy for quarterly NA (SSC (NAD)). Target date: July 2021.
- Compile experimental NOE estimates by applying the labor input method (SSC (NAD)). Target date: December 2021.
- Disseminate revised time series of NA in accordance with the 2008 SNA (SSC (NAD)). Target date: December 2021.
- Develop regional weights and baskets for CPI (SSC (Price Statistics Department (PSD))). Target date: December 2021.
- Using establishment data, develop detailed PPI product/transaction weights and expand PPI sample to include small establishments via phased approach; adopt PPI revision policy.
- Discontinue “carry forward” method; impute temporarily missing prices (including seasonal) and replace permanently missing prices; adopt indirect methods of quality adjustment for CPI and PPI.
- Consider hybrid approach for XMPIs.

Source-data and dissemination notes:
- Annual business surveys and HBS (annual sample 10,000 households, 0.2 percent of total households) are primary sources; quarterly GDP based on cumulative sources leads to shortcomings—SSC to implement discrete quarterly compilation by September 2021.
- Preliminary annual GDP published one month after reference year (too early); preliminary quarterly GDP published after 20 days (too early). Recommended preliminary quarterly dissemination between 60 and 80 days after reference period.

### Government finance statistics and public sector debt — findings and recommendations
Findings:
- MOF compiles fiscal data under Budget Code (Law of December 26, 2013, amended January 14, 2021).
- Steps taken to align national presentation with GFSM 2014: GFSD established (Presidential Decree No. 3917, August 22, 2018); 2020 Budget presentation includes GFSM 2014-based presentation alongside national format and a reconciliation table.
- Budget coverage expanded to include most extra-budgetary funds (EBFs) and FRD; OBAs of budgetary organizations inclusion underway.
- Debt reporting currently based on national methodology; quarterly table on “public” debt disseminated in U.S. dollars excludes some government units and accounts payable.
- DMFAS implementation ongoing; currently includes state budget external debt historical data; domestic debt data entry underway; system cannot yet easily extract monthly data on use of external debt for Reserves Data Template.
- Coverage expansion by end-March 2022 expected to include OBAs, EBFs, externally financed expenditure, and on-lending on quarterly/annual basis (see Table 2 in source).

Recommended actions (selected and with timing):
- Prepare and disseminate reconciliation table between national budget execution format and GFSM 2014 and provide it to IMF MCD at least quarterly (MOF (Budget Department)). Target date: June 2021.
- Improve GFS and debt data quality by including financing operations not passing through the TSA and budget; collect actual transactions in deposits reconcilable with MFS and apply SFA checks (MOF (Budget Department, DEPDD)). Target date: March 2022.
- Examine recoverability of policy lending to classify as expenditure or financing (MOF (Budget Department and DEPDD)). Target date: March 2022.
- Consider increasing staff resources for compiling GFS and debt statistics (one-two additional staff per unit suggested).
- Improve DMFAS to incorporate domestic debt, track use of external debt (financing of government expenditure, disbursements and repayments of on-lending, placement of funds in deposits), reconcile stocks and flows (transactions, revaluation, other changes in volume), and automate debt report compilation in line with GFSM 2014 and PSDS Guide.

Serviceability/accessibility:
- MOF to start disseminating monthly CGO and quarterly CGD with specified timeliness as per SDDS Guide; plan to start regular dissemination of annual GGO and monthly CGO and quarterly CGD including expanded coverage (MOF (Budget Department and DEPDD)). Target dates: November 2021 (CGO), March 2022 (GGO and CGD).

### Monetary and financial statistics — findings and recommendations
Findings:
- CBU legal mandate for monetary statistics is established by the Central Bank Law (last amended November 19, 2019); SRD responsible for MFS compilation.
- SRD structure: Monetary and Financial Statistics Division (MFSD) with Monetary Statistics Unit (MSU), Other Financial Corporations Statistics Unit (OFCSU), Banking Statistics Unit (BSU), and Publication and Dissemination of Statistical Data Unit (PDSDU).
- MFSD staff: 13 professional staff, eight dedicated full-time to monetary statistics and developmental work.
- Institutional coverage: central bank survey (CBS), ODCs survey (ODCS), and DCs survey (DCS) cover CBU and 31 resident commercial banks (complete coverage). OFCs not yet fully compiled; OFCs currently < five percent of total financial-system assets.
- Monetary base and broad money definitions broadly aligned with MFSMCG, with departures: inclusion of deposits to cover letters of credit and deposits longer than one year in broad money; securities held-to-maturity valued at amortized cost (departure from MFSMCG).
- COAs of CBU and commercial banks require revisions to include counterparty sector breakdowns and sectoral detail for accrued interest and certain accounts; planned COA revision to be completed by end-2021.
- Timeliness: surveys compiled and disseminated monthly with timeliness of 20–22 days after reference month; CBS can be compiled in one week—SRD to disseminate each survey as soon as finalized to meet SDDS timeliness.

Recommended actions (selected and with timing):
- Exclude IMF financing under the RFI and RCF and corresponding on-lending from the CBU balance sheet as per MOU between MOF and CBU; disseminate revised CBU data and submit SRF 1SR to STA (CBU SRD and ARD). Target date: June 2021.
- Introduce necessary revisions in COAs of the CBU and commercial banks in close collaboration (CBU SRD and ARD). Target date: December 2021.
- SRD to send proposed COAs for CBU and commercial banks to STA for comments before finalization.
- Value securities held-to-maturity at market price or fair value in monetary statistics (SRD).
- Continue collaboration with IMDA and Uzbekistan Lessors Association (ULA) to finalize reporting forms for ICs and LCs to collect OFC balance-sheet data.

Inter-sectoral consistency:
- MOU signed March 2020 between CBU, MOF, and SSC for data sharing; quarterly reconciliation of DCs deposits with central government is performed.
- Remaining reconciliation tasks: claims of central government with CBU and local government positions; formal reconciliation between MFS and ESS not yet established despite large discrepancies.

### External sector statistics and SDDS subscription status
- CBU disseminating BOP and IIP in line with BPM6 and has improved EDS (submitted to QEDS).
- Remaining ESS issues: improve estimates of imports/exports (mirror data), separate trade credits between affiliates and reclassify from other investment to DI, improve household foreign-currency holdings estimates (June 2022 target to improve cash holdings estimates).
- SDDS assessment: Uzbekistan meets coverage/periodicity/timeliness for about half of data categories. Gaps include:
  - No Reserves Data Template compiled/disseminated.
  - Fiscal sector data categories (GGO, CGO, CGD) and external debt coverage gaps.
  - Quarterly GDP, production index, and merchandise trade published as cumulative rather than discrete series.
- Action Plan items and target dates (selected highlights from Table 1):
  - June 2021: start disseminating monthly official reserve assets within one week after reference month; start disseminating quarterly gross external debt within one quarter (CBU IRMD/FRBPD).
  - June 2021: report QEDS tables to World Bank (CBU FRBPD).
  - September 2021: start disseminating discrete quarterly estimates of GDP (SSC NAD).
  - November 2021 (for CGO) and March 2022 (for GGO and CGD): start regular dissemination on NSDP annual GGO and monthly CGO data and quarterly CGD with specified timeliness (MOF Budget Department and DEPDD).
  - October 2022 (or earlier): prepare/update e-GDDS/SDDS metadata; update Advance Release Calendar (ARC).
  - December 2022 (or earlier): compile and disseminate Reserves Data Template monthly with one-month timeliness; transmit draft template to STA ~two months prior to dissemination (CBU IRMD and MOF DEPDD).

### Capacity development and coordination
- CCAMTAC, the IMF’s new regional CD center, together with direct STA support, expected to meet authorities’ CD needs in NA, price statistics, GFS, and ESS.
- World Bank engaged in a project to strengthen Uzbekistan’s statistical system (addressing population and housing census, outdated household/farm/employment surveys, agricultural census, and business registry gaps) and to support participation in the next International Comparison Program.
- Recommended CD priorities include: implementation of discrete quarterly NA, improved GDP by expenditure estimates, residential property price index (RPPI), PPI follow-up for agriculture and construction, GFS and PSDS compilation training (stocks and flows), treatment of policy lending, compilation of GFS for non-market SOEs, and use of SFA tool.

*Source: IMF mission report — “3. Current Data Dissemination Practices vis-à-vis SDDS Requirements” (selected chapter content).*

### 275.6 million SDRs, is being treated as a liability to the IMF in both the MFS and GFS,

### 1uzbea2021002 - 275.6 million SDRs, is being treated as a liability to the IMF in both the MFS and GFS,

### IMF financing treatment and intersectoral inconsistency
- Issue: 275.6 million SDRs is being treated as a liability to the IMF in both the MFS and GFS, resulting in double-counting the liabilities to nonresidents by the country.
- Recording practices identified:
  - CBS: financing classified as a liability to the IMF and on-lending to the central government on the assets side.
  - GFS: financing treated as a liability to the IMF.
  - ESS: financing treated as a liability of the central government to nonresidents.
  - CBU: included the financing in its balance sheet as the CBU is the depository and fiscal agent with the IMF.
- Legal/institutional basis for recommended exclusion of financing from CBU balance sheet:
  - The MOU between the MOF and CBU states funds received by the government will be fully used to provide budget support.
  - Article 3 of the MOU states funds received under RFI and RCF are a liability of the central government.
  - Article 6 of the Central Bank Law prohibits the CBU from granting loans to the central government.
  - The MOF does not record any liability for on-lending from the CBU.
- Confirmation: Recommended treatment confirmed by MCD’s country team for Uzbekistan.

### Actions agreed and operational changes
- Upon Finance Department confirmation that excluding IMF financing from the CBU balance sheet is acceptable:
  - SRD to coordinate with ARD to exclude the IMF financing under RFI and RCF from the liabilities side of the CBU balance sheet and the counterpart on-lending to the central government from the assets side.
  - The promissory note issued by MOF/CBU to the IMF for this financing should remain as a CBU off-balance sheet account.
  - Once removed from the CBU’s balance sheet, SRD to change the bridge table that automatically generates the SRF 1SR; this will automatically result in a decrease in claims on central government coupled with a decrease in liabilities to nonresidents in the CBS.
- Timeline and dissemination:
  - Disseminate revised data for the CBU, excluding the IMF financing, beginning in May 2020, on the CBU website and submit them to STA in SRF 1SR.

### Recommended actions (monetary/statistical compilation)
- The CBU to prepare a list of the units that comprise the FCs sector and share this list with the reporting FCs, MOF, and SSC.
- Introduce the needed changes in the bridge table that automatically generates the SRF 1SR for the CBU when the IMF financing has been excluded from the CBU balance sheet.
- Exclude the IMF financing under the RFI and RCF, and the corresponding on-lending to the central government, from the CBU balance sheet, as per the MOU signed between the MOF and CBU.
- Disseminate revised data for the CBU, excluding the IMF financing, beginning in May 2020, on the CBU website and submit them to STA in SRF 1SR.
- The SRD to introduce the needed changes in the bridge table that automatically generates the SRF 1SR for the CBU when the IMF financing has been excluded from the CBU balance sheet. (Target Completion Date: May 2021)
- The CBU to exclude the IMF financing under the RFI and RCF, and the corresponding on-lending to the central government, from the CBU balance sheet, as per the MOU signed between the MOF and CBU. Disseminate revised data for the CBU in its website and submit them to STA in the SRF 1SR. (Target Completion Date: June 2021)

### Intersectoral reconciliation and consistency issues
- Large inconsistencies exist between monetary statistics (MFS) and IIP:
  - Net foreign assets in monetary statistics should be consistent with corresponding measures in the IIP and BOP.
  - Lack of a formal reconciliation exercise between MFS and ESS identified.
  - December 2020 Financial Sector Stability Review mission found significant inconsistencies related to the recording of the IMF financing and to ODCs external liabilities, and smaller inconsistencies for most instruments.
  - ODCs’ external liabilities in the MFS are twice as large compared to the IIP.
- Agreed remedy: formal reconciliation should take place between MFS and ESS; establish mechanism to regularly conduct consistency checks among MFS, ESS, GFS and NAs.

### Accessibility and dissemination practices (CBU/SRD)
- SRD disseminates the CBS, ODCS, and DCS on the CBU’s website under a dedicated link for monetary statistics; monthly data available beginning January 2013 and downloadable to Excel; available in English, Russian, and Uzbek.
- Policy rate:
  - Disseminated on main page and under monetary policy tab; table amended every time a change in the rate is announced by the CBU meeting SDDS daily periodicity requirement.
  - Monthly data on the policy rate available in downloadable format on the CBU website and through the NSDP.
  - CBU should consider making daily data available in downloadable format as well.
- Monetary bulletin:
  - Quarterly Statistical Bulletin includes central bank, ODCs, and DCs surveys; quarterly data available for the last nine quarters in PDF format.
- Reporting to STA:
  - SRD reports monetary statistics to STA using the SRFs 1SR (central bank), 2SR (ODCs), and 5SR (monetary aggregates) on a regular monthly basis.
  - SRD reports data on interest rates and share prices to STA in report form 6SR monthly; SRD agreed to start reporting the weighted average rate on treasury bills of more than one-year maturity in report form 6SR.
- Recommended actions:
  - Update metadata on broad money in the CBU website and bulletin to reflect departures from the methodology recommended in the MFSMCG. (Target Completion Date: May 2021)
  - Start reporting the interest rate on long-term government securities to STA in report form 6SR for publication in IFS. (Target Completion Date: May 2021)
  - The CBU to provide opportunities to the MFSD staff to attend training courses on relevant statistics.

### External Sector Statistics (ESS): methodological soundness and source data
- Institutional arrangements:
  - CBU is agency responsible for compilation of ESS; Article 12 of the Central Bank Law assigns responsibility for compilation and dissemination of ESS including BOP, IIP, EDS, and reserve assets.
  - Cabinet Resolution No. 263 (dated April 3, 2018) mandates MOF, SCC, SSC to provide needed information to the CBU.
- Staffing:
  - BPD has eight staff positions, of which two have been vacant; recommended increase by one-two additional positions and one software developer.
  - Recommended action: Consider increasing staff resources assigned to compiling ESS (one-two additional staff and one software developer). (Target Completion Date: September 2021)
- Methodological and source data issues and improvements required:
  - BOP and IIP compiled broadly in accordance with BPM6; CBU started compiling and publishing BOP and IIP in BPM6 format starting 2018.
  - Shortcomings contributing to large net errors and omissions:
    - Estimates of goods should include unaccounted imports/exports arising from price or volume understatements in customs declarations; use mirror data of key trading partners.
    - Data on compensation of employees (credit) need improvement, especially splitting labor migrants into short- and long-term; add questions to SSC household survey to distinguish short- and long-term employees.
    - Currency and deposits of households (foreign currency cash and overseas deposits) are difficult to estimate; CBU methods seem to overstate inflow and understate outflow; revisit ratios and explore household surveys and border/airport surveys.
    - Trade credit and advances not split between affiliated enterprises and other enterprises—currently all classified under other investment understating DI figures; reclassify where appropriate.
    - Government-guaranteed debt was previously included as government debt rather than allocated to respective sectors; CBU implemented guidance and can now disseminate data in BOP/IIP context.
- Sources for BOP/IIP:
  - SSC, SCC, MOF, commercial bank reports, ITRS, administrative data, CBU surveys; Customs Declaration Database (CDD) is main source for goods.
  - CBU started generating extended QEDS in line with the EDS Guide; extended tables disseminated March 26, 2021.
- Recommended actions (ESS):
  - Further improve quality and coverage of BOP/IIP statistics in line with BPM6, aiming for reduced net errors and omissions.
  - Improve estimates of unaccounted imports/exports of goods by using mirror data of main trading partners. (Target Completion Date: July 2021)
  - Improve data on compensation of employees (credit) by adding questions in the household survey to distinguish between short- and long-term employment. (Target Completion Date: September 2021)
  - Improve estimates of foreign currency (cash) holdings of households to account for unrecorded inflows/outflows. (Target Completion Date: June 2022)
  - Separate trade credit and advances between affiliated entities from other trade credits and reclassify them from other investment into DI. (Target Completion Date: October 2021)
  - Allocate government-guaranteed debt to appropriate institutional sectors in accordance with BPM6 methodology. (Target Completion Date: September 2021)
  - The SSC to improve the quality of the survey for foreign economic activities of nonfinancial corporations: increase number of surveyed enterprises, improve data input quality, and regularly update list of respondents. (Target Completion Date: November 2021)
  - Prepare and publish metadata for each ESS dataset on the CBU website and update them regularly. (Target Completion Date: November 2021)

### Serviceability, timeliness, and SDDS-related dissemination
- Current practices and gaps:
  - BOP: preliminary quarterly data disseminated within 75–80 days after quarter; meets SDDS requirement. Final annual data within three quarters after reference year.
  - IIP: periodicity exceeds SDDS requirement.
  - Quarterly EDS: CBU started disseminating quarterly EDS within one quarter after reference period shortly after mission; will meet SDDS if practice maintained.
  - SSC disseminates monthly IMTS 26 days after end of reference month; complies with SDDS.
  - Official reserve assets: disseminated monthly on the 21st day after reference month; does not meet SDDS one-week timeliness requirement. CBU intends to disseminate within one week starting with March 2021 data.
  - Exchange rates: since February 2021 CBU sets daily official exchange rates and disseminates daily on CBU’s website in downloadable format meeting SDDS periodicity.
  - Reserves Data Template: not yet compiled; CBU working on compilation but MOF source data on predetermined and contingent short-term net drains incomplete for domestic lending/borrowing.
- SDDS action plan highlights and timelines (selected):
  - Address gaps in coverage, periodicity, and timeliness by end-2022 to enable Uzbekistan’s SDDS subscription.
  - SSC to disseminate discrete monthly merchandise trade data by July 2021.
  - SSC to start disseminating discrete quarterly estimates of GDP by September 2021.
  - SSC to start disseminating the IPI on a month-on-month basis by September 2021.
  - SRD to start disseminating the CBS within the two-week SDDS timeliness requirement. (Target Completion Date: May 2021)
  - SRD to disseminate interest rates for short- and long-term government securities whenever auctions take place to fulfill daily SDDS periodicity requirement. (Target Completion Date: May 2021)
  - IRMD to start disseminating monthly official reserve assets within one week after the end of the reference month as prescribed by the SDDS. (Target Completion Date: June 2021)
  - FRBPD to start disseminating quarterly data on gross external debt within one quarter after the reference period in accordance with Table 6.2 of the SDDS Guide. (Target Completion Date: June 2021)
  - IRMD to compile and disseminate the Reserves Data Template (Table 6.1 of the SDDS Guide) on a monthly basis with a timeliness of one month through the NSDP. Transmit draft Reserves Data Template to STA for review about two months prior to dissemination. (Target Completion Date: December 2022 or earlier)
  - MOF to expand coverage of fiscal data for SDDS (GGO, CGO, CGD) with specified inclusions and timeliness improvements (CGO monthly by one month timeliness: November 2021; GGO and CGD expanded coverage: March 2022).
- Recommended SDDS-related actions (selected):
  - The SSC to establish links in NSDP to daily share price index on TRSE website and daily CBU official exchange rates on CBU website.
  - The IRMD to start disseminating on the NSDP and CBU’s website monthly official reserve assets within one week after the end of the reference month as prescribed by the SDDS.
  - The FRBPD to coordinate with the MOF the data sharing format on schedule of principal and interest payments for public debt and government-guaranteed debt to feed into Table 6.3 of the SDDS Guide.
  - The MOF DEPDD to provide to the CBU monthly data on predetermined short-term net drains on the CBU’s foreign currency assets resulting from central government domestic borrowing and lending in foreign currency; central government liabilities denominated in foreign currency and settled in domestic currency; and government guarantees on loans in foreign currency with short-term remaining maturity. (Target Completion Date: September 2022 or earlier)
  - Prepare/update the e-GDDS/SDDS metadata for each SDDS data category as necessary, at the same time as the relevant improved data are disseminated on the NSDP. (Target Completion Date: October 2022 or earlier)
  - Update the ARC to include new data categories and reflect improved timeliness and periodicity; disseminate all SDDS prescribed data categories through the NSDP. (Target Completion Date: October 2022 or earlier)

*Source: IMF country diagnostic mission report for the Republic of Uzbekistan (excerpts provided).*

### Appendix I.  Officials  Met  During the  Mission

### Appendix I.  Officials  Met  During the  Mission

### The Cabinet of Ministers
- Mr. Djamshid Kuchkarov

### Deputy Prime Minister of the Republic of Uzbekistan for financial and economic issues and poverty reduction—Minister of Economic Development and Poverty Reduction of the Republic of Uzbekistan
- (No individual name listed beyond the position in the source)

### State Committee of the Republic of Uzbekistan on Statistics
- Mr. Bak hodir  Begalov — Chairman
- Mr. Dilshod Kholmur adov — First Deputy Chairman
- Mr. Odiljon Mamadaliev — Head, International Cooperation and Data Exchange Department
- Mr. Mukhtor Umar ov — Head, Price Statistics Department
- Mr. Aziz Mamirov — Head, Macroeconomic Indicators and National Accounts Department (NAD)
- Mr. Abrorali Mamadjanov — Head, Division for Compilation and Analysis of Macroeconomic Indicators, NAD
- Mr. Umar jon Obidov — Deputy Head, Current Accounts Division, NAD
- Mr. Jahongir Mekhmonov — Head, Accumulation Accounts and Satellite Accounts Division, NAD
- Ms. Zijoda Kamilova — Head, Division for Coordination of Statistical Estimates of the Non‑observed Economy, NAD
- Ms. Zukhr a Mamajanova — Head, Input‑Output Statistics Division, NAD
- Ms. Inna Tyshcenko — Chief Specialist, NAD
- Ms. Tatyana Kuksina — Chief Specialist, NAD

### Ministry of Finance
- Mr. Ak hadbek K haydarov — Deputy Minister
- Mr. Odilbek Isakov — Deputy Minister
- Mr. Sher zod Muk hamedov — Director, Budget Department
- Mr. Jasur Karshibaev — Director, Domestic and External Public Debt Department (DEPDD)
- Ms. Alek s andra K hvan — Head, Government Finance Statistics and Transparency Division (GFSD), Budget Department
- Mr. Zarifjon Olimjonov — Section Chief, Government and Guaranteed Debt Servicing and Accounting Division, DEPDD
- Ms . K habiba K hamdamova — Chief Specialist, GFSD, Budget Department
- Mr. Azimjon Khasanov — Chief specialist, GFSD, Budget Department

### Central Bank of Uzbekistan
- Mr. Bekzod Hamraev — Deputy Chairman
- Mr. Abror Turdaliev — Deputy Chairman
- Mr. Sanjar Turginboev — Director, Statistics and Research Department (SRD)
- Mr. Sanjar Valiev — Director, International Reserves Management Department (IRMD)
- Mr. Azikhon Zokirkhajaev — Director, Accounting and Reporting Department
- Mr. Sherali Kalandrov — Deputy Director, IRMD
- Mr. Olimjon Odilov — Deputy Director, SRD
- Mr. Mirsaid Nasirov — Deputy Director, International Cooperation Department
- Mr. Rashid Mirzaahmedov — Deputy Director, Foreign Exchange Regulation and Balance of Payment Department
- Mr. Sokhibjamol Rasulov — Deputy Head, Monetary and Financial Statistics Division, SRD

### Ministry of Economic Development and Poverty Reduction
- Mr. Ilkhom Norkulov — First Deputy Minister
- Mr. Ilkhomjon Umrzakov — Director, Department of Macroeconomic Policy, Analysis and Forecasting (DMPAF)
- Mr. Yodgor Fayzullaev — Division Chief, DMPAF
- Mr. DIlmur od Karimov — Chief Specialist, DMPAF
- Mr. Fazliddin Nasretdinov — Deputy Division Chief, DMPAF
- Mr. Erkin Madjitov — Deputy Division Chief, DMPAF

### Tashkent Republican Stock Exchange
- Mr. Ber zod Usmonon — Chairman
- Mr. Dmitrii Neudachin — Head, External Relations Department
- Mr. Valeryi Djuraiev — Deputy Head, Analysis and Development Department

*Appendix I. Officials Met During the Mission — extracted from the source PDF content provided.*

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_Source: https://www.imf.org/-/media/files/publications/cr/2021/english/1uzbea2021002.pdf_