## Section I. Detailed Technical Assessment and Recommendations

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### Summary of Mission Outcomes and Priority Recommendations
- Mission: IMF Statistics Department (STA) TA mission on government finance statistics (GFS) and public sector debt statistics (PSDS) in Tashkent during April 1–11, 2025; jointly funded by CCAMTAC and the Data for Decision (D4D) Fund.
- Objectives: enhance compilation and dissemination of fiscal and debt statistics, assist with sectorization of public sector units, evaluate source data quality including preliminary high frequency GFS, and update the action plan for GFS and PSDS improvement.
- Key findings:
  - Presidential Decree No. 75 (February 2025) designates the MEF as primary agency for institutional sectorization, but the MEF has limited access to source data; SAMA holds more comprehensive SOE information.
  - Recommendation for NSC to lead economic-wide sectorization (SNA methodology) and MEF to act as sub-sectoral lead for Public Sector Institutional Units (PSIU).
  - Need for a formal interagency cooperation framework to address inconsistencies between GFS and Monetary and Financial Statistics (MFS); stronger coordination and extended data-sharing between MEF and CBU required.
  - Source data lack sufficient granularity on economic classifications and instruments, notably for UFRD, State Targeted Funds (STFs), externally financed expenditure and lending.
  - Progress implementing previous TA recommendations is partial: out of eleven recommendations from March 4–15, 2024, one fully completed, two not implemented, remainder in progress (details in Appendix G).
  - Preliminary high-frequency GFS data for 2024 (quarterly) and 2025 (monthly) compiled following GFSM 2014; quarterly general government and monthly central government data for early 2025 were disseminated to the ICS and IFS Database in June 2025 after quality checks.
  - Government debt statistics compiled but not disseminated to the joint IMF-World Bank Debt Database.
  - Aggregate expenditure data by COFOG exist but are not integrated into fiscal reports.
  - Improvements in data quality, coverage, and institutional coordination are essential for reliable fiscal and debt statistics and to support policy, transparency, and investor confidence.
- Priority recommendations and target dates (as presented in Table 1):
  - June 2025 — Finalize the ministerial order to enhance internal source data collection and reporting practices. — Responsible: MEF
  - June 2025 — Compile monthly data for central government and quarterly data for general government operations, as well as quarterly central government debt data to the IFS and IMF/WB databases, after completing quality checks. — Responsible: MEF
  - July 2025 — Establish a formal framework for interagency cooperation in macroeconomic statistics compilation and data sharing, with the NSC leading the sectorization of economic wide institutional units and the MEF contributing as a sub-sectoral lead for PSU. — Responsible: NSC, MEF, CBU
  - December 2025 — Complete sectorization focusing on SOEs that present potential fiscal risks and update the public sector institutional table/list (PSIT). — Responsible: MEF, NSC, TC, SAMA

### Institutional sector classification of public sector units — background, findings, and recommendations
- Context and legal framework:
  - Uzbekistan’s New Development Strategy (2022–2026) adopted January 2022; Presidential Decree No. PF-269 (December 24, 2022) established the MEF; Presidential Decree No. 75 (February 2025), Appendix 7 action No.8 designates the MEF as central authority for institutional sectorization.
  - The Public Financial Management Strategy for 2025-2030 approved April 8, 2025 (referenced).
- Public entities with state participation (as of January 2024):
  - Total public entities with state participation: 2,116
  - Active: 1,684; Inactive: 264; In liquidation: 168
  - Regional breakdown (total: 2,116; JSC: 238; LCC: 1,362; SUE: 516; % of Total: 100%):
    - Tashkent city: 716 (JSC 124, LCC 332, SUE 260) — 34%
    - Kashkadarya region: 190 (JSC 13, LCC 157, SUE 20) — 9%
    - Tashkent region: 156 (JSC 12, LCC 106, SUE 38) — 7%
    - Fergana region: 131 (JSC 16, LCC 86, SUE 29) — 6%
    - Namangan region: 120 (JSC 5, LCC 90, SUE 25) — 6%
    - Surkhandarya region: 109 (JSC 3, LCC 97, SUE 9) — 5%
    - Samarkand region: 107 (JSC 8, LCC 85, SUE 14) — 5%
    - Andijan region: 98 (JSC 8, LCC 76, SUE 14) — 5%
    - Bukhara region: 94 (JSC 16, LCC 59, SUE 19) — 4%
    - Republic of Karakalpakstan: 87 (JSC 7, LCC 63, SUE 17) — 4%
    - Navoi region: 86 (JSC 8, LCC 59, SUE 19) — 4%
    - Jizzak region: 84 (JSC 3, LCC 63, SUE 18) — 4%
    - Syrdarya region: 69 (JSC 5, LCC 44, SUE 20) — 3%
    - Khorezm region: 69 (JSC 10, LCC 45, SUE 14) — 3%
- Materiality and prioritization:
  - New Development Strategy target: reduce state participation in the economy by 75 percent by 2025 through SOE privatization and entrepreneurship promotion.
  - SAMA-led reform reached over 50 percent of its target by end-2023.
  - Mission recommends a materiality approach: prioritize classification of large SOEs with significant economic and fiscal risk impact.
- Data availability and institutional roles:
  - Many SOEs are legally commercial but may be non-market in practice; such entities should be classified within general government per GFSM 2014 principles when appropriate.
  - SAMA holds entity-level data (shareholding structure, assets and liabilities, revenues, expenses, net profit or loss, dividends paid, privatization status) that MEF lacks full access to.
  - Pilot sectorization in August 2024 used partial data; time and data gaps limited assessment of large, high-risk SOEs.
- Institutional recommendations:
  - NSC to lead economy-wide sectorization using SNA methodology; MEF to act as sub-sectoral lead for PSIU.
  - Establish formal interagency cooperation (data sharing agreements, technical working groups) among NSC, MEF, and CBU to reconcile GFS and MFS inconsistencies (example: government net financial claims differences in 2024).
- Specific operational actions:
  - Ensure SAMA’s entity-level datasets are accessible to MEF for sectorization (shareholding, assets/liabilities, revenues, expenses, net profit/loss, dividends, privatization status).
  - Finalize and implement the MEF ministerial order to enhance internal source data collection and reporting practices (priority, June 2025).
  - Implement technical working groups to coordinate sectorization, data exchange, and reconciliation of statistical outputs.
  - Apply GFSM 2014 and SNA principles: classify based on economic substance, not legal form; include non-market SOEs in general government where appropriate.
  - Use materiality approach to prioritize sectorization of large and high-fiscal-risk SOEs and banks (lists provided in Appendix B).

### Interagency coordination, source data constraints, and reconciliation (Box 1 and Appendices C–F)
- Role of interagency coordination and legal/institutional frameworks:
  - Compilation of GFS and PSDS typically involves Ministry of Finance, Central Bank, and National Statistics Agency; effective coordination and legal/institutional frameworks are prerequisites for data quality consistent with the IMF Data Quality Assessment Framework (DQAF).
  - Legal/institutional frameworks must define roles and responsibilities and facilitate enforcement of data-sharing and reporting requirements across social security funds, state and local governments, extra-budgetary agencies, and state-owned corporations.
  - Examples of country arrangements noted: Ministry of Finance responsible in Armenia, Bhutan, Bulgaria, Egypt, Fiji, Kazakhstan, Kyrgyzstan, Mexico, Morocco, Nigeria, Tajikistan, Thailand, Ukraine, and Uzbekistan; central banks play defined roles in Honduras, Nepal, South Africa, Sri Lanka, and Uruguay.
- Source data and compilation procedures — key constraints:
  - Main constraints: limited granularity; inconsistent institutional coverage; delays in source data provision due to absence of a standardized data collection system and dependence on multiple agencies.
  - Key data gaps: lack of detailed financial and balance sheet data for the UFRD, other STFs, and externally financed capital expenditures and on-lending, not broken down by economic classification.
  - Current PSDS data covers only debt securities and loans, requiring stock-flow adjustments.
- GFS–MFS inconsistencies and reconciliation:
  - Differences in currency and deposit holdings reported by MEF and CBU arise from differences in sectoral coverage and exclusion of accounts (e.g., the UFRD and externally financed operations from the TSA).
  - MEF’s Treasury Office compiles TSA-limited data; CBU provides broader MFS coverage including detailed net claims between the government and financial institutions (363 units) by instrument and counterparty.
  - Bridging gaps requires stronger coordination, extended data-sharing between MEF and CBU, a joint reconciliation framework, expanded sectoral classifications to include non-market financial corporations, and alignment of data templates with IMF standards.
  - The mission reviewed and updated the GFS–MFS reconciliation table (Appendix C). As of January 2024, the CBU collects MFS from 363 financial institutions (central bank, 36 other depository corporations (DCs), and 326 other financial corporations (OFCs)); data published monthly for DCs and quarterly for OFCs.
  - Using the CBU’s granular balance sheet data, while maintaining confidentiality, could improve GFS accuracy and reliability.
- Reconciliation selected figures (Deposits and Loans payable from Appendix C; numeric precision preserved as in source):
  - Deposits (in billion UZS):
    - Total deposits: 117,7600 117,760
    - Domestic Currency deposits: 11,3910 11,391
    - Treasury Single Account (TSA): 11,127
    - UFRD (domestic currency line): 2640 264
    - Foreign Currency deposits: 106,3690 106,369
    - Budgetary Central Government, incl. TSA (foreign currency): 10,49510,495
  - Loans payable (in billion UZS):
    - LOANS PAYABLE total (CBU / Commercial Banks / Other Financial Institutions): 0 63,408 63,408
    - Central Government loans payable (commercial banks column): 0 11,297 11,297
    - UFRD loans payable: 52,111 52,111
  - Summary cross-table references: Claims to banks / Liabilities to General Government reconciliation shown with MEF data vs CBU data and differences (CBU minus MoF) in the source table.

### Timeliness, periodicity, and high-frequency GFS dissemination (para. 29 and Table C.1)
- SDDS requirements and MEF capabilities:
  - SDDS prescribes: (i) GG operations be disseminated annually within two quarters after the end of the reference period; (ii) CG operations be released monthly within one month after the reference month; (iii) CG debt be published quarterly and released within one quarter. SDDS encourages GG operations and GG debt data to be disseminated on a quarterly basis.
  - MEF is able to compile data for CG and GG operations in line with SDDS requirements for institutional coverage (excluding nonmarket SOEs) and periodicity, but preliminary monthly CG data should be revised quarterly upon availability of externally financed expenditure and on-lending data from PIUs.
  - Coverage of CG gross debt is limited to BCG debt securities and loans.
  - Authorities plan subscribing to the SDDS by September 2025; further assessment needed to confirm timeliness readiness.
- Current practice vs. e-GDDS and SDDS (Table C.1; notation preserved):
  - GG Operations: e-GDDS periodicity A; SDDS periodicity A, Q*; Current practice Q (national format). e-GDDS timeliness 3Q; SDDS timeliness 2Q, 1Q*; Current practice 40D.
  - CG Operations: e-GDDS periodicity Q; SDDS periodicity M; Current practice No (since 2021Q3). e-GDDS timeliness 1Q; SDDS timeliness 1M; Current practice No (since 2021Q3).
  - CG Gross Debt: e-GDDS periodicity Q; SDDS periodicity Q; Current practice Q (national definition)16. e-GDDS timeliness 2Q; SDDS timeliness 1Q; Current practice 1Q.
  - GG Gross Debt*: e-GDDS periodicity –; SDDS periodicity Q; Current practice A (as part of GFS). e-GDDS timeliness –; SDDS timeliness 4M; Current practice 11M.
  - Note: A – Annual, Q – Quarterly, M – Monthly, * – Encouraged.
- High-frequency GFS dissemination:
  - Preliminary quarterly GFS for 2024 and monthly CG GFS for January–March 2025 were disseminated to the ICS and IFS Database in June 2025 after quality checks; recommended to perform backward revisions of historic GFS time series where needed.

### GFS concepts, policy lending, and overall fiscal balance
- Policy lending principles (Box C.1 highlights preserved):
  - Public policy-related assets or liabilities (policy lending) may be acquired for fostering industries, supporting sectors or regions; often contain concessional elements.
  - Acquisition of financial assets for liquidity management to earn a market rate of return is not policy lending.
  - Non-negotiable financial assets, financial assets issued by public corporations held by government, noncommercial terms favoring the borrower, assets from government acting as guarantor, and certain deposits typically indicate policy-related purpose.
  - Part of policy-related financial instruments that do not represent an effective financial claim should be considered as expense in GFS (capital transfer) rather than acquisition of a financial instrument.
  - If the government receives something of equal value and expects sufficient return, record as increase in financial asset; otherwise, record as capital transfer or expense.
  - If payments cover recurrent deficits as policy, treat as subsidy; if to cover large operating deficits over two or more years or exceptional losses, record as capital transfer even if legal form is acquisition of a financial asset.
- Implications for Overall fiscal balance:
  - Distinction between policy lending and liquidity management is important to define Overall fiscal balance by adjusting Net lending/net borrowing for transactions deemed public policy.
  - All proceeds under privatization (including proceeds from sale of fixed assets) are included as financial items, while policy lending is treated as an expense rather than a transaction in financial assets.
- Mission findings and required actions:
  - Authorities’ definition of Overall fiscal balance is not fully consistent with GFSM 2014 recommendations.
  - Fiscal transition table contains adjustments to GFS Net lending/net borrowing related to policy lending and equity injections from the UFRD and other EBFs as well as externally financed lending.
  - Domestically financed lending to enterprises and banks and some government long-term deposits with banks currently treated as transactions in financial assets need further consideration regarding policy vs liquidity objectives.
  - Sales of fixed assets for privatization should be excluded from above-the-line transactions and considered as financing when calculating the Overall fiscal balance.
  - Recommendation: conduct an internal assessment of policy lending to identify the non-recoverable portion to be classified as expenditure.

### Balance sheet, cross-classification, and recommended outputs
- Public Financial Management Strategy for 2025-2030 target:
  - Compile and publish the financial balance sheet for the general government by fourth quarter 2026.
- Current status and mission view:
  - MEF’s SBPD working on first consolidated balance sheet based on new Unified Chart of Accounts covering BCG and local government data for 2024; coverage limited due to fragmentation of source data outside government financial accounting.
  - An experimental GFS balance sheet for general government (excluding nonmarket SOEs) could be compiled for 2024 using management accounting source data at the MEF and additional source data from STFs and SAMA.
  - Cash-basis government operations will not equal all changes in balance sheet positions due to other economic flows; deviations should be explained in GFS metadata.
- Cross-classification of expenditure:
  - Mission advises producing cross-classification by COFOG and economic classification (including second-level COFOG) to enhance fiscal policy analysis and decision-making; recommended to produce and publish the COFOG v/s economic classification matrix.

### Data aggregates, transition tables, and debt coverage (Appendices D and E highlights)
- Transition from national presentation to GFS, 2025 — Key aggregates (bill sums; numeric precision preserved):
  - A. Consolidated Republican and Local Budget, incl. UFRD and State Targeted Funds:
    - Revenue: 437 771
    - Expenditure: 484 341
    - Balance: -46 570
    - Balance in % of GDP: -3,0
  - A1 Consolidated Republican and Local Budget:
    - Revenue: 325 055
    - Expenditure: 347 074
    - Balance: -22 018
  - A2. State Targeted Funds:
    - Revenue: 64 330
    - Expenditure: 62 231
    - Balance: 2 098
  - A3. UFRD:
    - Revenue: 16 000
    - Expenditure: 22 750
    - Balance: -6 750
  - A4. Off-budget accounts:
    - Revenue: 32 386
    - Expenditure: 32 386
    - Balance: 0
  - A5. Externally financed expenditure and lending:
    - Revenue: 0
    - Expenditure: 19 900
    - Balance: -19 900
  - B. Transition to international standards:
    - Revenue: -16 524
    - Expenditure: -29 435
    - Balance: 12 911
    - Balance in % of GDP: 0,8
  - C. GFS M2014 revenue, expenditure and net lending/borrowing (A+B):
    - Revenue: 421 247
    - Expenditure: 454 906
    - Balance: -33 659
    - Balance in % of GDP: -2,2
  - D. Policy lending (+):
    - Revenue: 16 524
    - Expenditure: 29 435
    - Balance: -12 911
    - Balance in % of GDP: -0,8
  - D. Overall fiscal balance (C+D):
    - Revenue: 437 771
    - Expenditure: 484 341
    - Balance: -46 570
    - Balance in % of GDP: -3,0
  - Note: 2025 GDP = 1 540 547 bill sums
- Gross Budgetary Central Government debt at D1 level (Appendix E—table-format totals preserved as in source):
  - TOTAL: 31 425 1 2445 2712 26042840 19935 357
  - I. Debt securities total: 7 1720001547 1727 326
    - Domestic creditors: 3 0370006 83 0373 105
    - External creditors: 4 135000874 1354 222
  - II. Loans total: 24 2531 2445 2712 26027433 02728 030
    - External creditors: 24 2539 044 4280 24929 58525 406
    - Long-term by original maturity, with payment due in more than one year: 24 1461 1585 2281 72926932 26127 302
    - Foreign currency denominated loans: 24 2531 2394 9072 10226232 50127 855
    - Fixed rate loans: 10 5141 1223 1291 0798815 84512 804
    - Variable rate loans: 13 547462 1411618515 75013 794
    - Interest free: 1927501 16501 4311 432
  - Note: Table covers domestic and external debt of BCG in loans and debt securities; national definition covers debt guaranteed by the government even if repaid by SOEs; PSDS presentation includes accrued interest.

### Consistency of quarterly and annual GFS datasets (Appendix F selected figures; numeric precision preserved)
- Annual total revenue (2024): 385,043
- Quarterly revenue breakdown (2024):
  - Q1: 80,579
  - Q2: 96,209
  - Q3: 79,821
  - Q4: 128,434
- Annual total expense (2024): 394,172
- Quarterly expense breakdown (2024):
  - Q1: 87,240
  - Q2: 90,916
  - Q3: 94,466
  - Q4: 121,550
- Net operating balance (NOB) series (quarterly, 2024):
  - Q1: 19,368
  - Q2: (19,717)
  - Q3: (6,661)
  - Q4: 5,293
  - Q1 cumulative (later in table): (14,645) 6,884 (9,129)
- Net lending / borrowing (NLB) annual: (46,755)
- Memorandum — Total expenditure [2+31] annual: 431,798

### Recommendations (consolidated action points and timelines)
- Institutional responsibilities and coordination:
  - NSC to lead economic-wide institutional sectorization using SNA methodology — NSC — December 2025.
  - MEF to serve as sub-sectoral lead for Public Sector Institutional Units (PSIUs) focusing on ministries, local governments, and SOEs.
  - Establish a formal interagency cooperation framework and data-sharing agreements among NSC, MEF, and CBU — NSC, MEF, CBU — July 2025.
  - Implement technical working groups to coordinate sectorization, data exchange, and reconciliation of statistical outputs.
  - Implement a uniform sector classification code in the business register — NSC — December 2025.
- Data access, compilation, and automation:
  - Finalize the MEF ministerial order for internal source data provision — MEF — June 2025.
  - Ensure SAMA’s entity-level datasets accessible to MEF for sectorization and GFS compilation.
  - Draft and finalize technical instructions manual for GFS and PSDS compilation — MEF — July 2025.
  - Gradual automation of data collection and compilation processes — MEF — April, 2026.
- High-frequency data and dissemination:
  - Compile monthly data for central government and quarterly data for general government after quality checks — MEF — June, 2025.
  - Disseminate PSDS to the IMF/WB Quarterly PSDS Database on a quarterly basis with reconciliation table — MEF — June, 2025.
  - Request data from Central Bank and maintain GFS/MFS reconciliation table on quarterly basis — MEF, CBU — June, 2025.
  - Gradually expand PSDS debt coverage to include Accounts Payables (AP) — MEF — December, 2026.
- Classification, adjustment, and metadata:
  - Complete sectorization focusing on SOEs presenting potential fiscal risks and update the public sector institutional table/list (PSIT) — MEF, TC, NSC, SAMA — December, 2025.
  - Apply GFSM 2014 and SNA principles: classify based on economic substance, not legal form; include non-market SOEs in general government where appropriate.
  - Revise the fiscal transition table to reconcile national consolidated budget, GFS net-lending/borrowing (NLB), and overall fiscal balance; continue presenting it in fiscal strategy and annual budget message.
  - Revise annual GFS time series for 2019–2022 incorporating OBAs and externally financed expenditures and on-lending — MEF — December, 2025.
  - Conduct internal assessment of policy lending to identify non-recoverable portions to be classified as expenditure — MEF — November, 2025.
  - Compile an experimental annual general government GFS balance sheet — MEF, STFs, UFRD — December, 2026.
  - Ensure correct application of budget classification for externally financed expenditure, on-lending, UFRD, other EBFs, and OBAs; assign GFS Division to co-authorize all proposals for changes in budget classification and Uniform Chart of Accounts (UCoA).
  - Produce and publish COFOG v/s economic classification matrix to enhance fiscal analysis.
- Quality control and capacity development:
  - Complete quality checks to reconcile GFS Net lending/Net borrowing in the quarterly GFS compiled from detailed source and the quarterly GFS derived at high-level from the national presentation of the consolidated budget balance.
  - Disseminate revised and consistent high-frequency and annual GFS; perform backward revisions of historic GFS time series where needed.
  - Continue capacity development: GFS team to complete online training, participate in regional workshops, and secure additional staff resources to sustain PSDS improvements.

### Progress tracking (Appendix G selected status notes; numeric dates preserved)
- From eleven recommendations during March 4–15, 2024 TA:
  - Recommendation on reporting revised annual GFS data for 2022, including OBAs, externally financed expenditure and on-lending, and updated metadata to the IMF — Fully completed.
  - Recommendations on submitting debt data for BCG (loans and debt securities) to the joint WB/IMF quarterly PSDS database and revising/resubmitting annual GFS data for 2021 — Not implemented.
  - Other recommendations — Partially implemented/in progress.
- Selected action plan items and target completion dates:
  - NSC to spearhead economic-wide sectorization using SNA methodology — NSC — December 2025.
  - Implement uniform sector classification code in the business register — NSC — December 2025.
  - Establish interagency coordination and data sharing framework — NSC, MEF, CBU — July 2025.
  - Complete PSIT and include non-market SOEs in GFS of general government sector — MEF, TC, NSC, SAMA — December 2025.
  - Finalize ministerial order for internal source data provision — MEF — June 2025.
  - Request data from Central Bank and maintain GFS/MFS reconciliation table quarterly — MEF, CBU — June 2025.
  - Draft and finalize technical instructions manual for GFS and PSDS compilation — MEF — July 2025.
  - Compile monthly data for central government and quarterly data for general government after quality checks — MEF — June, 2025.
  - Disseminate PSDS to IMF/WB Database quarterly with reconciliation table — MEF — June, 2025.
  - Conduct internal assessment of policy lending identifying non-recoverable portion to classify as expenditure — MEF — November, 2025.
  - Revise annual GFS time series for 2019–2022 incorporating OBAs and externally financed expenditures and on-lending — MEF — December, 2025.
  - Compile an experimental annual general government GFS balance sheet — MEF, STFs, UFRD — December, 2026.
  - Gradual automation of data collection and compilation — MEF — April, 2026.
  - Gradual expansion of PSDS debt coverage to include Accounts Payables (AP) — MEF — December, 2026.

### Appendix B excerpt — selected strategic enterprises and banks with state participation (state shares preserved)
- Strategic enterprises and state share holdings (selected):
  - JSC Navoi MMC — Initial shareholder: MEF — State share, 100.0
  - State Enterprise Navoiyuran — Initial shareholder: SAMA — State share, 100.0
  - JSC Almalyk MMC — Initial shareholder: SAMA — State share, 98.5
  - JSC Uzmetkombinat — Initial shareholder: SAMA, UFRD — State share, 81.1
  - JSC Uzbekneftegaz — Initial shareholder: SAMA — State share, 99.9
  - JSC Uztransgaz — Initial shareholder: MEF — State share, 99.5
  - JSC Khududgaztaminot — Initial shareholder: MEF — State share, 100.0
  - Uzbektelecom JSC — Initial shareholder: Ministry of Digital Technologies — State share, 96.2
  - Uzbekistan Pochtasi JSC — Initial shareholder: Ministry of Digital Technologies — State share, 31.51
- Banks and state shareholdings (selected):
  - Agrobank JSCB — Initial shareholder: MEF, UFRD — State share, 52.2, 46.3
  - Asakabank JSCB — Initial shareholder: MEF, UFRD — State share, 10.7, 88.2
  - Khalk Banki JSCB — Initial shareholder: MEF, UFRD — State share, 22.4, 78.5
  - Qishloq Qurilish Bank JSCB — Initial shareholder: MEF, UFRD — State share, 74.5, 23.9
  - JSCB "Microcreditbank" — Initial shareholder: MEF, UFRD — State share, 70.8, 28. 2

*IMF | Technical Report – Republic of Uzbekistan GFS and PSDS*

### Section I. Detailed Technical Assessment and Recommendations ...................................................... 5

### Section I. Detailed Technical Assessment and Recommendations

### Summary of Mission Outcomes and Priority Recommendations
- Mission: IMF Statistics Department (STA) TA mission on government finance statistics (GFS) and public sector debt statistics (PSDS) in Tashkent during April 1–11, 2025; jointly funded by CCAMTAC and the Data for Decision (D4D) Fund.
- Objectives: enhance compilation and dissemination of fiscal and debt statistics, assist with sectorization of public sector units, evaluate source data quality including preliminary high frequency GFS, and update the action plan for GFS and PSDS improvement.
- Key findings:
  - Presidential Decree No. 75 (February 2025) designates the MEF as primary agency for institutional sectorization, but the MEF has limited access to source data; SAMA holds more comprehensive SOE information.
  - Recommendation for NSC to lead economic-wide sectorization (SNA methodology) and MEF to act as sub-sectoral lead for Public Sector Institutional Units (PSIU).
  - Need for a formal interagency cooperation framework to address inconsistencies between GFS and Monetary and Financial Statistics (MFS); stronger coordination and extended data-sharing between MEF and CBU required.
  - Source data lack sufficient granularity on economic classifications and instruments, notably for UFRD, State Targeted Funds (STFs), externally financed expenditure and lending.
  - Progress implementing previous TA recommendations is partial: out of eleven recommendations from March 4–15, 2024, one fully completed, two not implemented, remainder in progress (details in Appendix G).
  - Preliminary high-frequency GFS data for 2024 (quarterly) and 2025 (monthly) compiled following GFSM 2014; quarterly general government and monthly central government data for early 2025 were disseminated to the ICS and IFS Database in June 2025 after quality checks.
  - Government debt statistics compiled but not disseminated to the joint IMF-World Bank Debt Database.
  - Aggregate expenditure data by COFOG exist but are not integrated into fiscal reports.
  - Improvements in data quality, coverage, and institutional coordination are essential for reliable fiscal and debt statistics and to support policy, transparency, and investor confidence.

- Priority recommendations and target dates (as presented in Table 1):
  - June 2025 — Finalize the ministerial order to enhance internal source data collection and reporting practices. — Responsible: MEF
  - June 2025 — Compile monthly data for central government and quarterly data for general government operations, as well as quarterly central government debt data to the IFS and IMF/WB databases, after completing quality checks. — Responsible: MEF
  - July 2025 — Establish a formal framework for interagency cooperation in macroeconomic statistics compilation and data sharing, with the NSC leading the sectorization of economic wide institutional units and the MEF contributing as a sub-sectoral lead for PSU. — Responsible: NSC, MEF, CBU
  - December 2025 — Complete sectorization focusing on SOEs that present potential fiscal risks and update the public sector institutional table/list (PSIT). — Responsible: MEF, NSC, TC, SAMA

### A. Institutional Sector Classification of the Public Sector Units — Background and Findings
- Context and legal framework:
  - Uzbekistan’s New Development Strategy (2022–2026) adopted January 2022; Presidential Decree No. PF-269 (December 24, 2022) established the MEF; Presidential Decree No. 75 (February 2025), Appendix 7 action No.8 designates the MEF as central authority for institutional sectorization.
  - The Public Financial Management Strategy for 2025-2030 approved April 8, 2025 (referenced elsewhere).
- Public entities with state participation (as of January 2024):
  - Total public entities with state participation: 2,116
  - Active: 1,684; Inactive: 264; In liquidation: 168
  - Regional distribution and legal forms (Table 2):
    - Total: 2,116; JSC: 238; LCC: 1,362; SUE: 516; % of Total: 100%
    - 1 Tashkent city: 716 (JSC 124, LCC 332, SUE 260) — 34%
    - 2 Kashkadarya region: 190 (JSC 13, LCC 157, SUE 20) — 9%
    - 3 Tashkent region: 156 (JSC 12, LCC 106, SUE 38) — 7%
    - 4 Fergana region: 131 (JSC 16, LCC 86, SUE 29) — 6%
    - 5 Namangan region: 120 (JSC 5, LCC 90, SUE 25) — 6%
    - 6 Surkhandarya region: 109 (JSC 3, LCC 97, SUE 9) — 5%
    - 7 Samarkand region: 107 (JSC 8, LCC 85, SUE 14) — 5%
    - 8 Andijan region: 98 (JSC 8, LCC 76, SUE 14) — 5%
    - 9 Bukhara region: 94 (JSC 16, LCC 59, SUE 19) — 4%
    - 10 Republic of Karakalpakstan: 87 (JSC 7, LCC 63, SUE 17) — 4%
    - 11 Navoi region: 86 (JSC 8, LCC 59, SUE 19) — 4%
    - 12 Jizzak region: 84 (JSC 3, LCC 63, SUE 18) — 4%
    - 13 Syrdarya region: 69 (JSC 5, LCC 44, SUE 20) — 3%
    - 14 Khorezm region: 69 (JSC 10, LCC 45, SUE 14) — 3%
- Materiality and prioritization:
  - New Development Strategy target: reduce state participation in the economy by 75 percent by 2025 through SOE privatization and entrepreneurship promotion.
  - SAMA-led reform reached over 50 percent of its target by end-2023.
  - Mission recommends a materiality approach: prioritize classification of large SOEs with significant economic and fiscal risk impact.
- Data availability and institutional roles:
  - Many SOEs are legally commercial (SUE, JSC, LLC) but may be non-market in practice (rely on financial support, lack operational independence); such entities should be classified within general government and reflected in fiscal reporting per GFSM 2014 principles.
  - SAMA holds entity-level data (shareholding structure, assets and liabilities, revenues, expenses, net profit or loss, dividends paid, privatization status) that MEF lacks full access to; incomplete MEF access risks misclassification.
  - Pilot sectorization in August 2024 used partial data; time and data gaps limited assessment of large, high-risk SOEs.
- Institutional recommendations from consultations:
  - Although Presidential Decree No. 75 designates MEF as primary authority for institutional sectorization, the mission recommends that the NSC take the lead in economy-wide sectorization based on SNA methodology, with MEF as sub-sectoral lead for PSIU, citing NSC’s broader access and international best practice.
  - Establish formal framework for interagency cooperation (data sharing agreements, technical working groups) among NSC, MEF, and CBU to reconcile GFS and MFS inconsistencies (example: government net financial claims differences in 2024).

### A. Institutional Sector Classification — Recommendations (summarized)
- Institutional responsibilities:
  - NSC to lead economic-wide institutional sectorization using SNA methodology.
  - MEF to serve as sub-sectoral lead for Public Sector Institutional Units (PSIUs), focusing on classification of ministries, local governments, and SOEs.
- Data access and interagency cooperation:
  - Strengthen MEF efforts to collect source data for classifying SOEs; prioritize close collaboration with SAMA, TC, Treasury, NSC, and CBU.
  - Establish a formal interagency cooperation framework and data-sharing agreements to reconcile GFS and MFS and improve macroeconomic statistics quality.
  - Implement technical working groups to coordinate sectorization, data exchange, and reconciliation of statistical outputs.
- Methodology and prioritization:
  - Apply GFSM 2014 and SNA principles: classify based on economic substance, not legal form; classify non-market SOEs within general government where appropriate.
  - Use a materiality approach to prioritize sectorization of large and high-fiscal-risk SOEs and banks (lists provided in Appendix B).
- Data enhancement:
  - Ensure SAMA’s entity-level datasets are accessible to MEF for sectorization (shareholding, assets/liabilities, revenues, expenses, net profit/loss, dividends, privatization status).
  - Finalize and implement the MEF ministerial order to enhance internal source data collection and reporting practices (priority, June 2025).

*IMF | Technical Report – Republic of Uzbekistan GFS and PSDS*

### Box 1: Interagency coordination and a defined institutional framework are essential for the compilation

### Box 1: Interagency coordination and a defined institutional framework are essential for the compilation and reporting of Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS)

### Role of interagency coordination and legal/institutional frameworks
- Responsibility for compiling GFS and PSDS typically falls to the Ministry of Finance (or Economy or Treasury), Central Bank, and National Statistics Agency.
- Compilation relies on source data from multiple agencies collected through decentralized or centralized systems, requiring effective internal and inter-agency coordination and cooperation.
- A defined coordination and cooperation mechanisms can enhance data consistency, comparability, and timely collection and dissemination, while optimizing resources and minimizing duplication of efforts.
- Availability of legal and institutional frameworks provides a mechanism for facilitating coordination and collaboration among stakeholders and are considered prerequisites for ensuring data quality and reporting consistent with the IMF Data Quality Assessment Framework (DQAF).
- Legal and institutional frameworks must clearly define the roles and responsibilities of each agency involved in compiling GFS and PSDS.
- A one-size-fits-all approach is not applicable; responsible compiling agency may vary across countries and regions (example: EU with ESA and Eurostat coordinating NSIs).
- Examples of country arrangements from the source:
  - Ministry of Finance assumes responsibility in Armenia, Bhutan, Bulgaria, Egypt, Fiji, Kazakhstan, Kyrgyzstan, Mexico, Morocco, Nigeria, Tajikistan, Thailand, Ukraine, and Uzbekistan.
  - Central banks play defined roles in Honduras, Nepal, South Africa, Sri Lanka, and Uruguay (example: South Africa—Ministry of Finance holds legal authority; central bank compiles and disseminates GFS and PSDS for SDDS purposes).
- A robust legal and regulatory framework enhances enforcement of data-sharing and reporting requirements across entities such as social security funds, state and local governments, extra-budgetary agencies, and state-owned corporations.
- Legal/institutional framework is necessary but not sufficient: availability of resources (skilled staff, integrated ICT systems), political commitment, and good governance are complementary factors driving data quality and fiscal reporting.

### Source data and compilation procedures — background and findings (paras. 18–23)
- Main constraints to GFS and PSDS data quality in Uzbekistan:
  - Limited granularity.
  - Inconsistent institutional coverage.
  - Delays in source data provision due to absence of a standardized data collection system and dependence on multiple agencies.
- Key data gaps:
  - Lack of detailed financial and balance sheet data for the UFRD, other STFs, and externally financed capital expenditures and on-lending, not broken down by economic classification (e.g., buildings and structures, machinery and equpments, current or capital transfers, and aquisition of financial assets).
  - Current PSDS data covers only debt securities and loans, requiring stock-flow adjustments for consistency.
- SBPD (within MEF) collects inputs from across MEF and external agencies in an unsystematic way, delaying GFS production.
- Recommended actions to address gaps:
  - Expand coverage to include all extrabudgetary funds of local governments and non-market SOEs.
  - Enhance data granularity and improve inter-agency coordination.
  - Establish a standardized data collection framework to ensure timely, comprehensive, and accurate fiscal and debt statistics.
- Specific inconsistencies between GFS and MFS (para. 19):
  - Differences in currency and deposit holdings reported by the MEF and the CBU arise from differences in sectoral coverage and exclusion of accounts (e.g., the UFRD and externally financed operations from the Treasury Single Account (TSA)).
  - MEF’s Treasury Office compiles TSA-limited data; CBU provides broader MFS coverage including detailed net claims between the government and financial institutions (363 units) by instrument and counterparty.
  - Bridging gaps requires stronger coordination, extended data-sharing between MEF and CBU, a joint reconciliation framework, expanded sectoral classifications to include non-market financial corporations, and alignment of data templates with IMF standards.
  - Using the CBU’s granular balance sheet data, while maintaining confidentiality, could improve GFS accuracy and reliability.
- Reconciliation work (para. 20):
  - The mission reviewed and updated the GFS–MFS reconciliation table (Appendix C), maintained by the MEF, reconciling stock data for currency and deposits, debt securities, and loans by instrument and counterparty.
  - As of January 2024, the CBU collects MFS data from 363 financial institutions, including the central bank, 36 other depository corporations (DCs), and 326 other financial corporations (OFCs), with data published monthly for DCs and quarterly for OFCs.
  - The revised table enhances reconciliation of net claims on extra-budgetary units (EBUs) with OFCs, improving GFS integration and stock-flow adjustments.
  - Closing remaining gaps requires consistent sectorization of PSIU and harmonized classifications across GFS, MFS, and other macroeconomic datasets; correct mapping of institutional units (particularly EBUs of local governments); and improved interagency coordination and data-sharing protocols.
- Institutional and procedural reforms underway (paras. 21–23):
  - MEF’s SBPD is drafting a ministerial order to enhance internal source data collection and reporting practices, aiming to align GFS and PSDS compilation and reporting with international standards; the order is expected to be finalized by June 2025.
  - The mission advised establishing measures that incentivize timely data provision and ensure active participation of all relevant stakeholders; finalizing the order was recommended as a high priority.
  - Draft technical instructions for GFS and PSDS compilation prepared by MEF’s SBPD were reviewed; the document is expected to support data compilation, strengthen data governance, and serve as a reference for staff training and broader data use. Authorities requested additional IMF support for technical review and guidance to finalize the technical instructions.
  - Notable improvements in staff capacity: appointment of an additional team member and production of preliminary cash-flow data for BCG and GG sector.
  - Sustained and timely reporting readiness requires further assessment; mission recommended the GFS team complete online training and participate in regional workshops.
- Specific legislative/administrative note:
  - Implement a uniform sector classification code in the business register to support the effective realization of Presidential Decrees (No. RP-2646 and No. PP-75).

### Recommendations (from Box 1 and sections B–C)
- Complete sectorization focusing on SOEs that present potential fiscal risks and update the public sector institutional table/list (PSIT), ensuring consistent definitions of the public sector and the inclusion of non-market SOEs in the GFS of general government sector.
- Establish a formal framework for interagency cooperation in macroeconomic statistics compilation and data sharing, with the NSC leading the sectorization of economic wide institutional units and the MEF contributing as a sub-sectoral lead for PSU.
- NSC to spearhead the economic-wide sectorization of institutional units using SNA methodology to ensure consistency and standardization in Uzbekistan's statistical system.
- Implement a uniform sector classification code in the business register to support the effective realization of Presidential Decrees (No. RP-2646 and No. PP-75).
- MEF to finalize the ministerial order on measures to facilitate effective source data collection and bring GFS and PSDS reporting in line with international standards and support policy decision.
- Reconciliation between GFS and MFS: Request data from the CBU using the revised template, update and maintain the GFS/MFS reconciliation table on quarterly basis.
- Draft and finalize technical instructions for GFS compilation, focusing on practical compilation issues rather than theoretical aspects from GFSM 2014, including revision policies in light of the upcoming Fiscal Transparency Evaluation.
- Ensure correct application budget classification for all government operations, including externally financed expenditure, on-lending, UFRD, other EBFs, and OBAs.
- Internal protocol to changes in budget classification: Assign the GFS Division to co-authorize all proposals for changes in budget classification (in terms of revenue types classification and economic and functional classification of expenditure) and the Uniform Chart of Accounts (UCoA) to ensure alignment with GFSM 2014 classification and direct mapping to GFS reports.
- Establish financial data collection procedures/framework for SOEs required to perform sectorization and compilation of GFS for public corporation units; introduce incentives for reporting without overburdening reporting templates; leverage existing NSC surveys and coordinate with NSC on how best to collect SOE data.
- Automation: Gradually implement automation for the data collection and compilation processes.
- Gradually expand the coverage of debt instruments to include Accounts Payables (AP).
- For PSDS reporting: Start dissemination from BCG debt securities and loans to the joint WB/IMF Quarterly PSDS Database with gradual expansion of sectoral and instrument coverage; explain differences between national and international presentations in metadata and “Country-specific notes”.
- Quality control and dissemination actions:
  - Complete quality checks to reconcile GFS Net lending/Net borrowing in the quarterly GFS compiled from detailed source and the quarterly GFS derived at high-level from the national presentation of the consolidated budget balance.
  - Disseminate revised and consistent high-frequency and annual GFS; the mission noted dissemination of quarterly data for 2024 and monthly data for 2025 (January-March) to the ICS and IFS Database in June 2025, and recommended backward revisions of historic GFS time series where needed.
  - Continue capacity development and provide additional staff resources to sustain PSDS improvements in line with international standards.

*IMF | Technical Report – Republic of Uzbekistan GFS and PSDS*

### 29. The MEF has demonstrated the ability to compile monthly and quarterly fiscal indicators

### 29. The MEF has demonstrated the ability to compile monthly and quarterly fiscal indicators

### Timeliness and periodicity: e-GDDS to SDDS transition
- SDDS prescribes:
  - (i) data on GG operations be disseminated annually within two quarters after the end of the reference period;
  - (ii) data on CG operations be released to the public monthly within one month after the reference month;
  - (iii) data on CG debt be published quarterly and released within one quarter.
- SDDS encourages GG operations and GG debt data to be disseminated on a quarterly basis.
- MEF capabilities and limitations:
  - MEF is able to compile data for CG and GG operations in line with the SDDS requirements for institutional coverage (excluding nonmarket SOEs) and periodicity.
  - Preliminary reported monthly data for CG operations should be revised on a quarterly basis upon availability of data on externally financed expenditure and on-lending from the PIUs.
  - Coverage of CG gross debt is limited to BCG debt securities and loans.
  - Further assessment is needed to confirm the timeliness of reporting given the authorities’ plan subscribing to the SDDS by September 2025.
- Table C.1 (current practice vs. e-GDDS and SDDS):
  - GG Operations: e-GDDS periodicity A; SDDS periodicity A, Q*; Current practice Q (national format). e-GDDS timeliness 3Q; SDDS timeliness 2Q, 1Q*; Current practice 40D.
  - CG Operations: e-GDDS periodicity Q; SDDS periodicity M; Current practice No (since 2021Q3). e-GDDS timeliness 1Q; SDDS timeliness 1M; Current practice No (since 2021Q3).
  - CG Gross Debt: e-GDDS periodicity Q; SDDS periodicity Q; Current practice Q (national definition)16. e-GDDS timeliness 2Q; SDDS timeliness 1Q; Current practice 1Q.
  - GG Gross Debt*: e-GDDS periodicity –; SDDS periodicity Q; Current practice A (as part of GFS). e-GDDS timeliness –; SDDS timeliness 4M; Current practice 11M.
  - Source: IMF DSBB, mission’s assessment. Note: A – Annual, Q – Quarterly, M – Monthly, * – Encouraged.

### GFS concepts: policy lending and overall fiscal balance
- Policy lending characteristics and recording (Box C.1 highlights):
  - Public policy-related assets or liabilities (policy lending) may be acquired for fostering industries, supporting sectors or regions; often contain concessional elements.
  - Acquisition of financial assets for liquidity management to earn a market rate of return (dividends, interest) is not policy lending.
  - Non-negotiable financial assets, financial assets issued by public corporations held by government, noncommercial terms favoring the borrower, assets from government acting as guarantor, and certain deposits typically indicate policy-related purpose.
  - Holdings of monetary gold, SDRs, and currency are always liquidity related.
  - Part of policy-related financial instruments that do not represent an effective financial claim should be considered as expense in GFS (capital transfer) rather than acquisition of a financial instrument.
  - If the government receives something of equal value and expects sufficient return, record as increase in financial asset; otherwise, record as capital transfer or expense.
  - If payments cover recurrent deficits as policy, treat as subsidy; if to cover large operating deficits over two or more years or exceptional losses, record as capital transfer even if legal form is acquisition of a financial asset.
- Implications for Overall fiscal balance:
  - Distinction between policy lending and liquidity management is important to define Overall fiscal balance by adjusting Net lending/net borrowing for transactions deemed public policy.
  - All proceeds under privatization (including proceeds from sale of fixed assets) are included as financial items, while policy lending is treated as an expense rather than a transaction in financial assets17.
- Mission findings:
  - Authorities’ definition of Overall fiscal balance is not fully consistent with GFSM 2014 recommendations.
  - Fiscal transition table contains adjustments to GFS Net lending/net borrowing related to policy lending and equity injections from the UFRD and other EBFs as well as externally financed lending.
  - Domestically financed lending to enterprises and banks and some government long-term deposits with banks (used to finance further lending to housing, agriculture, and education) are currently treated as transactions in financial assets but need further consideration regarding policy vs liquidity objectives18.
  - Sales of fixed assets for privatization should be excluded from above-the-line transactions and considered as financing when calculating the Overall fiscal balance.

### Balance sheet and cross-classification for analysis
- Public Financial Management Strategy for 2025-2030 target:
  - Compile and publish the financial balance sheet for the general government by fourth quarter 2026.
- Current status:
  - MEF’s SBPD working on first consolidated balance sheet based on new Unified Chart of Accounts and covering BCG and local government data for 2024.
  - Data coverage remains limited due to fragmentation of source data outside government financial accounting.
- Mission view:
  - An experimental GFS balance sheet for general government (excluding nonmarket SOEs) could be compiled for 2024 using management accounting source data at the MEF and additional source data from STFs and SAMA (government infrastructure, land assets, intangible assets).
  - Cash-basis government operations will not equal all changes in balance sheet positions due to other economic flows; related deviations should be explained in GFS metadata.
- Cross-classification of expenditure:
  - Mission advised on usefulness of cross-classification by COFOG and economic classification (example illustrated by Thailand Table C.2).
  - Cross-classification (including second-level COFOG) recommended to enhance fiscal policy analysis and decision-making.

### Recommendations (from the mission)
- Compile monthly data for central government and quarterly data for general government operations, after completing quality checks.
- Disseminate the PSDS to the IMF/WB Database on a quarterly basis, along with the reconciliation table that clarifies differences between national debt presentations and PSDSG 2013 presentations.
- Revise the fiscal transition table to reconcile deficits in the national presentation of the consolidated budget, GFS net-lending/borrowing (NLB), and overall fiscal balance, and continue presenting it in the fiscal strategy and annual budget message.
- Conduct an internal assessment of policy lending provided to key beneficiaries, identifying the non-recoverable portion to be classified as expenditure.
- Produce and publish the COFOG v/s economic classification matrix to enhance fiscal analysis and policy decisions.
- Based on the updated working file for GFS compilation, revise the annual GFS time series for 2019–2022, incorporating Off-Budget Accounts (OBAs) and externally financed expenditures and on-lending.
- Compile an experimental annual general government GFS balance sheet.

### Progress and action plan highlights (selected items with dates and responsibilities)
- Completed/ongoing implementation:
  - From eleven recommendations during March 4–15, 2024 TA, the recommendation on reporting revised annual GFS data for 2022, including OBAs, externally financed expenditure and on-lending, and updated metadata to the IMF, has been fully completed.
  - Recommendations on submitting debt data for BCG (loans and debt securities) to the joint WB/IMF quarterly PSDS database and revising/resubmitting annual GFS data for 2021 were not implemented; other recommendations are in progress.
- Action plan priority items and target completion dates (selected):
  - NSC to spearhead economic-wide sectorization using SNA methodology — NSC — December 2025.
  - Implement uniform sector classification code in the business register — NSC — December 2025.
  - Establish interagency coordination and data sharing framework — NSC, MEF, CBU — July 2025.
  - Complete PSIT and include non-market SOEs in GFS of general government sector — MEF, TC, NSC, SAMA — December 2025.
  - Finalize ministerial order for internal source data provision — MEF — June 2025.
  - Request data from Central Bank and maintain GFS/MFS reconciliation table quarterly — MEF, CBU — June 2025.
  - Draft and finalize technical instructions manual for GFS and PSDS compilation — MEF — July 2025.
  - Compile monthly data for central government and quarterly data for general government after quality checks — MEF — June, 2025.
  - Disseminate PSDS to IMF/WB Database quarterly with reconciliation table — MEF — June, 2025.
  - Conduct internal assessment of policy lending identifying non-recoverable portion to classify as expenditure — MEF — November, 2025.
  - Revise annual GFS time series for 2019–2022 incorporating OBAs and externally financed expenditures and on-lending — MEF — December, 2025.
  - Compile an experimental annual general government GFS balance sheet — MEF, STFs, UFRD — December, 2026.
- Other planned items:
  - Gradual automation of data collection and compilation — MEF — April, 2026.
  - Gradual expansion of PSDS debt coverage to include Accounts Payables (AP) — MEF — December, 2026.

*Source: IMF Technical Report – Republic of Uzbekistan GFS and PSDS*

### APPENDIX B. LIST OF STRATEGIC ENTERPRISES AND BANKS WITH GOVERNEMT

### APPENDIX B. LIST OF STRATEGIC ENTERPRISES AND BANKS WITH GOVERNEMT PARTICIPATION

### Strategic enterprises and state share holdings
- 1. JSC Navoi MMC — Initial shareholder: MEF — State share, 100.0
- 2. State Enterprise Navoiyuran — Initial shareholder: SAMA — State share, 100.0
- 3. JSC Almalyk MMC — Initial shareholder: SAMA — State share, 98.5
- 4. JSC Uzmetkombinat — Initial shareholder: SAMA, UFRD — State share, 81.1
- 5. JSC Uzbekneftegaz — Initial shareholder: SAMA — State share, 99.9
- 6. JSC Uztransgaz — Initial shareholder: MEF — State share, 99.5
- 7. JSC Khududgaztaminot — Initial shareholder: MEF — State share, 100.0
- 8. JSC UzGasTrade — Initial shareholder: MEF — State share, 100.0
- 9. JSC National Electric Networks of Uzbekistan — Initial shareholder: MEF — State share, 100.0
- 10. JSC Thermal Power Plants — Initial shareholder: MEF — State share, 100.0
- 11. JSC Regional Electric Grids — Initial shareholder: MEF — State share, 100.0
- 12. JSC Uzbekgidroenergo — Initial shareholder: MEF — State share, 100.0
- 13. JSC Uzkimyosanoat — Initial shareholder: MEF — State share, 100.0
- 14. JSC Navoiazot — Initial shareholder: MEF, JSC Uzkimyosanoat — State share, 100.0
- 15. JSC Uzbekistan Temir Yollari — Initial shareholder: MEF — State share, 100.0
- 16. JSC Uzbekistan Airways — Initial shareholder: MEF — State share, 100.0
- 17. JSC Uzbekistan Airports — Initial shareholder: MEF — State share, 100.0
- 18. JSC Toshshahartranskhizmat — Initial shareholder: Ministry of Transport — State share, 100.0
- 19. JSC Uzavtosanoat — Initial shareholder: MEF — State share, 100.0
- 20. Uzbektelecom JSC — Initial shareholder: Ministry of Digital Technologies — State share, 96.2
- 21. Uzbekistan Pochtasi JSC — Initial shareholder: Ministry of Digital Technologies — State share, 31.51
- 22. Uzbekugol JSC — Initial shareholder: SAMA — State share, 97.9

### Banks and state shareholdings (selected)
- 23. Agrobank JSCB — Initial shareholder: MEF, UFRD — State share, 52.2, 46.3
- 24. Asakabank JSCB — Initial shareholder: MEF, UFRD — State share, 10.7, 88.2
- 25. Uzpromstroibank JSCB — Initial shareholder: MEF, UFRD — State share, 13.1, 82.1
- 26. Khalk Banki JSCB — Initial shareholder: MEF, UFRD — State share, 22.4, 78.5
- 27. Turonbank JSCB — Initial shareholder: MEF, UFRD — State share, 8.7, 90.1
- 28. Qishloq Qurilish Bank JSCB — Initial shareholder: MEF, UFRD — State share, 74.5, 23.9
- 29. Aloqabank JSCB — Initial shareholder: MEF, UFRD — State share, 3.8, 54.5
- 30. Uzmillii Bank JSCB — Initial shareholder: MEF, UFRD — State share, 40.7, 59.3
- 31. JSCB "Microcreditbank" — Initial shareholder: MEF, UFRD — State share, 70.8, 28. 2

*As indicated in the Presidential Resolutions No. PP-83 (March 1, 2023) and No. PP-283 (August 18, 2023).*

---

### APPENDIX C. RECONCILIATION OF FISCAL AND MONETARY & FINANCIAL STATISTICS, 2025 — Selected figures

### Deposits (in billion UZS)
- Total deposits: 117,7600 117,760 (Domestic/foreign split presented in source table)
- Domestic Currency deposits: 11,3910 11,391
- Treasury Single Account (TSA): 11,127
- UFRD (domestic currency line): 2640 264
- Foreign Currency deposits: 106,3690 106,369
- Budgetary Central Government, incl. TSA (foreign currency): 10,49510,495

### Loans payable (in billion UZS)
- LOANS PAYABLE total (CBU / Commercial Banks / Other Financial Institutions): 0 63,408 63,408
- Central Government loans payable (commercial banks column): 0 11,297 11,297
- UFRD loans payable: 52,111 52,111

### Summary cross-table references
- Claims to banks / Liabilities to General Government reconciliation shown with MEF data vs CBU data and differences (CBU minus MoF) in the source table.

---

### APPENDIX D. TRANSITION FROM THE NATIONAL PRESENTATION TO GFS, 2025 — Key aggregates (bill sums; numeric precision preserved)

- A. Consolidated Republican and Local Budget, incl. UFRD and State Targeted Funds:
  - Revenue: 437 771
  - Expenditure: 484 341
  - Balance: -46 570
  - Balance in % of GDP: -3,0
- A1 Consolidated Republican and Local Budget:
  - Revenue: 325 055
  - Expenditure: 347 074
  - Balance: -22 018
- A2. State Targeted Funds:
  - Revenue: 64 330
  - Expenditure: 62 231
  - Balance: 2 098
- A3. UFRD:
  - Revenue: 16 000
  - Expenditure: 22 750
  - Balance: -6 750
- A4. Off-budget accounts:
  - Revenue: 32 386
  - Expenditure: 32 386
  - Balance: 0
- A5. Externally financed expenditure and lending:
  - Revenue: 0
  - Expenditure: 19 900
  - Balance: -19 900

- B. Transition to international standards:
  - Revenue: -16 524
  - Expenditure: -29 435
  - Balance: 12 911
  - Balance in % of GDP: 0,8

- C. GFS M2014 revenue, expenditure and net lending/borrowing (A+B):
  - Revenue: 421 247
  - Expenditure: 454 906
  - Balance: -33 659
  - Balance in % of GDP: -2,2

- D. Policy lending (+):
  - Revenue: 16 524
  - Expenditure: 29 435
  - Balance: -12 911
  - Balance in % of GDP: -0,8

- D. Overall fiscal balance (C+D):
  - Revenue: 437 771
  - Expenditure: 484 341
  - Balance: -46 570
  - Balance in % of GDP: -3,0

- Note: 2025 GDP = 1 540 547 bill sums

---

### APPENDIX E. GROSS BUDGETARY CENTRAL GOVERNMENT DEBT AT D1 LEVEL — Key totals (numeric precision preserved)

- TOTAL (national definition / IMF methodology breakdown present in table):
  - TOTAL: 31 425 1 2445 2712 26042840 19935 357 (table-format totals preserved as in source)
- I. Debt securities total: 7 1720001547 1727 326
  - Domestic creditors: 3 0370006 83 0373 105
  - External creditors: 4 135000874 1354 222
- II. Loans total: 24 2531 2445 2712 26027433 02728 030
  - External creditors: 24 2539 044 4280 24929 58525 406
  - Long-term by original maturity, with payment due in more than one year: 24 1461 1585 2281 72926932 26127 302
  - Foreign currency denominated loans: 24 2531 2394 9072 10226232 50127 855
  - Fixed rate loans: 10 5141 1223 1291 0798815 84512 804
  - Variable rate loans: 13 547462 1411618515 75013 794
  - Interest free: 1927501 16501 4311 432

- Note: Table covers domestic and external debt of BCG in loans and debt securities; national definition covers debt guaranteed by the government even if repaid by SOEs; PSDS presentation includes accrued interest.

---

### APPENDIX F. CONSISTENCY OF QUATERLY AND ANNUAL GFS DATASETS — Selected quarterly GFS for 2024 (Uzbek Sum (UZS): Billion)

- Annual total revenue (2024): 385,043
- Quarterly revenue breakdown (2024):
  - Q1: 80,579
  - Q2: 96,209
  - Q3: 79,821
  - Q4: 128,434
- Annual total expense (2024): 394,172
- Quarterly expense breakdown (2024):
  - Q1: 87,240
  - Q2: 90,916
  - Q3: 94,466
  - Q4: 121,550
- Net operating balance (NOB) series (quarterly, 2024):
  - Q1: 19,368
  - Q2: (19,717)
  - Q3: (6,661)
  - Q4: 5,293
  - Q1 cumulative (later in table): (14,645) 6,884 (9,129) — (values presented as in source table)
- Net lending / borrowing (NLB) annual: (46,755)
- Memorandum — Total expenditure [2+31] annual: 431,798

---

### APPENDIX G. PROGRESS IN IMPLEMENTING THE PREVIOUS MISSIONS’ RECOMMENDATIONS — Priority actions and status highlights

- 1. Submit debt data for BCG (loans and debt securities) to the joint WB/IMF quarterly PSDS database.
  - Target Completion Date: July 2024
  - Status/Comment: Quarterly data compiled by State Debt Department of the MEF but management decision to join PSDS database pending senior management decision.

- 2. Send to the IMF revised annual GFS data for 2022, including OBAs, externally financed expenditure and on-lending, and updated metadata.
  - Target Completion Date: July 2024
  - Status/Comment: GFS revised during March 2024 TA mission and updated metadata sent to the IMF.

- 3. Resume submitting quarterly IFS for the central government compiled using the same bridge tables as in the annual GFS.
  - Target Completion Date: October 2024
  - Status/Comment: Quarterly GFS for 2024 and monthly GFS for January 2025 compiled and will be submitted shortly after the April 2025 TA mission.

- 4. Update the Order of the Minister of Finance No 59 as of 10 June 2020 to establish clear responsibilities for source data provision.
  - Target Completion Date: August 2024
  - Status/Comment: April 2025 TA mission reviewed first draft and provided comments.

- 5. Review and update the bridge table between budget classification and GFS items.
  - Target Completion Date: August 2024
  - Status/Comment: Bridge table updated based on TA comments; some national classification items need revision to map directly to GFS economic classification.

- 6. Consider including a reconciliation table between national presentation and GFS in the annual budget message.
  - Target Completion Date: October 2024
  - Status/Comment: Reconciliation table updated during April 2025 TA mission; dissemination to be discussed with MEF senior management.

- 7. Revise annual GFS data for 2021 and resubmit to the IMF.
  - Target Completion Date: October 2024
  - Status/Comment: GFS Team focused on compiling annual GFS for 2023, quarterly GFS for 2024, and monthly GFS for January 2025.

- 8. Finalize automatization of the GFS compilation including quality checks (first output to cover revenue and expenditure of budgetary organizations).
  - Target Completion Date: December 2024
  - Status/Comment: GFS Team reviewed source data collection, classification, and discussed automatization with IT specialists.

- 9. Establish financial data collection procedures for SOEs to perform sectorization distinguishing the general government and public corporation units.
  - Target Completion Date: December 2024
  - Status/Comment: MEF’s Fiscal Risks Team shared financial statements of 29 monitored SOEs; GFS Team discussing access to Tax Committee financial statements database.

- 10. Update the list of general government and public sector units; formalize procedures for regular updates between MOEF, CBU, SSC, and AGMA.
  - Target Completion Date: June 2025
  - Status/Comment: Availability of SOEs’ financial statements is limited; procedures being established; qualitative criteria need further analysis.

- 11. Draft documentation describing compilation procedures for annual and high-frequency GFS.
  - Target Completion Date: July 2025
  - Status/Comment: April 2025 TA mission reviewed first draft and provided comments.

*Status legend used in original table: Red: [Not implemented]; Orange [Partially implemented] and Green [Fully implemented].*

*Italic: Source — IMF | Technical Report – Republic of Uzbekistan GFS and PSDS.*

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_Source: https://www.imf.org/-/media/files/publications/tar/2025/english/tarea2025086-source-pdf.pdf_