IMF Publishes Fiscal Transparency Evaluation for Uzbekistan
IMF News, May 2, 2019
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Bibliographic details
- Published: May 2, 2019
Summary and context
- Press Release No. 19/137
- Date: May 2, 2019
- Issued by: IMF Communications Department
- Press Officer: Ting Yan
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- The evaluation was carried out by the IMF’s Fiscal Affairs Department, in collaboration with the Statistics Department, at the request of the Government of the Republic of Uzbekistan.
- The evaluation assessed Uzbekistan’s fiscal transparency practices against the standards set out in the IMF’s Fiscal Transparency Code and was conducted in June 2018.
Key findings from the June 2018 evaluation
- Uzbekistan met at least the basic standard of practice on 16 of the 36 principles assessed.
- The evaluation highlighted several gaps:
- Fiscal reports did not provide a comprehensive picture of government fiscal activity and their presentation was not fully aligned with international standards.
- The budget could be made more comprehensive and forward looking.
- Budget scrutiny by the legislature could be enhanced.
- Limited discussion or analysis of several of the most important sources of risks to public finances.
- Limited central oversight of the state‑owned enterprise sector.
Progress reported by March 2019
- An updated assessment of practices, conducted in March 2019, found that improvements had been made in only nine months:
- Improvements were made against eight of the Code’s principles.
- Seven of these improvements advanced from the “not met” level of practice.
- As a result, Uzbekistan is now assessed to meet at least the basic standard of practice on 23 of the Code’s 36 principles.
IMF recommendations to improve fiscal transparency (as reported)
- Expanding fiscal reports to provide a more complete picture of general government activity and to fully align them with international standards;
- Disclosing balance sheet information and estimates of revenues foregone from tax expenditures;
- Improving budget comprehensiveness by including the off-budget fiscal activities of budgetary organizations, several non-reported extra-budgetary funds, and externally financed expenditures;
- Presenting medium-term fiscal forecasts and fiscal objectives in the budget and subjecting it to greater parliamentary scrutiny;
- Publishing a summary report on fiscal risks and strengthening monitoring and oversight of public corporations.
Actions taken by Uzbekistan in response to recommendations
- Publication of medium-term macro-fiscal projections.
- Publication of analysis and discussion of fiscal risks.
- Inclusion of a statement of fiscal objectives and medium-term policy intentions in the 2019 budget documentation.
- Publication of a citizen’s guide to the budget to help foster greater public participation in the budget process.
Outlook
- Implementation of the remaining reforms recommended in the fiscal transparency evaluation is expected to result in further improvements in fiscal transparency in Uzbekistan in the coming years.
Additional reference
- Further information about the IMF’s Fiscal Transparency Code and Uzbekistan Fiscal Transparency Evaluation is available at: http://www.imf.org/external/np/fad/trans/.
Source: IMF press release "IMF Publishes Fiscal Transparency Evaluation for Uzbekistan" (May 2, 2019).