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06.06.2018 19:19

Minister of Finance of Uzbekistan met with representatives of the World Bank

Deputy Prime Minister of the Republic of Uzbekistan, Minister of Finance Jamshid Kuchkarov met with representatives of the World Bank, in Tashkent.

The meeting was held with participation of the Managing Director of the Growth Dialogue of the World Bank Danny Leipziger, the Regional Director for Central Asia Lilia Burunciuc, the World Bank's Senior Economist Julio Revilla, the World Bank Country Manager for Uzbekistan Hideki Mori, as well as employees of the Ministry of Finance and the Ministry of Economy of the Republic of Uzbekistan.

As previously reported, the World Bank is one of the strategic partners that supports Uzbekistan in implementing economic reforms. In this regard, the World Bank plans to assist in creation of the Economic Council for the Republic of Uzbekistan.

Accordingly, Danny Leipziger, former Vice-President of the World Bank, who has extensive experience of work in similar councils in the regions of East Asia, Latin America and the Caribbean, was involved by the WB for development of a technical task for this Economic Council for working with the government of Uzbekistan.

Mr. Leipziger told about the international experience of creating such Councils and the current reform program of the country, over which the above-mentioned Council can work. The newly created Council should ensure availability of a unified approaches to issues of ongoing economic reforms, including, for example, tax reform, which, in the opinion of the consultant, should be implemented without damaging the state budget revenues and consistently covering the entire range of issues of the reform consequences (long-term budget sustainability, macroeconomic consequences, effectiveness of tax administration, and others).

Coordinating the activities of economic ministries and agencies, development of a strategic and conceptual guide for action on economic issues and reforms, as well as agreeing on key parameters and benchmarks for national economic policy for the medium and long term prospective of the development strategy and implementation in the Republic of Uzbekistan are the main goals for achieving positive results.

The guests were also provided with information on the "Dialogue of growth – strategies for sustainable growth and comprehensive development of countries".

The dialogue on the issues of development offers policymakers the opportunity to establish contacts with experts, scientists and people engaged in search for sustainable economic growth and improving welfare in developing countries, the founder of the team and the managing director is Mr. Leipziger.

At the meeting, the sides discussed the main drivers of accelerating economic growth in Uzbekistan. It was noted that effective allocation of resources, foreign direct investment, the growth of exports (when domestic demand is limited), further development and reform of agriculture and state enterprises, creation of an effective tax system can serve the high rates of GDP growth in Uzbekistan.

Following the results of the meetings with ministries and departments, the consultant will present a report and his recommendations on the structure and tasks of the Economic Council in Uzbekistan.

Ablay Kamalov, UzA
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