Republic of Uzbekistan: 2019 Article IV Consultation-Press Release and Staff Report

IMF Staff Country Reports, May 9, 2019

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Canonical URL: Republic of Uzbekistan: 2019 Article IV Consultation-Press Release and Staff Report

Creating more and better jobs is the country’s overarching priority given its bulging working-age population.
The authorities have implemented a first wave of important economic reforms, including:
- foreign exchange liberalization
- tax reform
- a major upgrade in statistics
Faced with a vast structural reform agenda, the authorities want to prioritize reforms that address the economy’s most damaging distortions first.
The sustainable development goals are anchoring the country’s inclusive growth agenda, especially on education, health, public infrastructure, and financial inclusion.
Authorities are redesigning labor policies from scratch to help unskilled and other disadvantaged workers find more and better jobs.

Main short-term macroeconomic stability challenge: prevent a credit boom that could generate excessive external deficits and aggravate inflation pressures.
Policy stance recommended to support macroeconomic stability:
- Maintain a tight monetary stance.
- Maintain moderate fiscal deficits.
Credit growth guidance:
- Credit growth will need to slow significantly to assure the economy’s external and internal balance.

Prioritize reforms that address the economy’s most damaging distortions first.
Sustain macroeconomic stability through:
- Tight monetary policy.
- Moderate fiscal deficits.
- Slowing credit growth significantly.
Anchor inclusive growth with sustainable development goals targeting:
- Education
- Health
- Public infrastructure
- Financial inclusion
Redesign labor policies to support unskilled and disadvantaged workers in obtaining better jobs.

Subjects: Credit, Expenditure, External debt, Foreign exchange, Money, Public debt
Keywords: authorities' effort, authority, bank soundness indicator, CBU's capacity, consumer inflation, CR, Credit, debt, exchange rate, GDP, Global, government finance, ISCR, labor market, mining revenue, policy lending, prudent fiscal policy, reform agenda, reform momentum, state enterprise reform, Uzbekistan

International Monetary Fund. Republic of Uzbekistan: 2019 Article IV Consultation-Press Release and Staff Report (May 9, 2019).