Ministry of Finance of the Republic of Uzbekistan

07/22/2019 | Press release | Distributed by Public on 07/22/2019 01:54

The first meeting of the Economic Council

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On July 18, the first meeting of the Economic Council on ensuring the implementation of the 'Road Map' on main directions of structural reforms of the Republic of Uzbekistan for the period 2019-2021 was held.

For reference:

The Economic Council was established in accordance with the Decree of the President PD-5614 'On Additional Measures to ensure further development of the economy and to enhance the economic policy effectiveness' dated January 8, 2019.

The main task of the Economic Council is to develop strategies, concepts, programs, approaches and other documents on specific areas of the 'Roadmap of reforms' in the economic direction with the involvement of the International Expert Group.

Also, the tasks of the Economic Council include: analysis and identification of problems and risks that impede the implementation of socio-economic reforms, on this basis, preparation of proposals on further transformations in the socio-economic sphere, ensuring comprehensive discussion of drafts of regulatory legal acts designed during the implementation of the 'Roadmap of reforms' at the departmental level and with the participation of the general public, organizing effective interaction with international financial institutions, the expert community and the media on the implementation of reforms, holding seminars and meetings for this purpose.

The meeting was chaired by the Prime Minister of the Republic of Uzbekistan A. Aripov. It was attended by representatives of IFI, members of the International Expert Group under the Council. Among them are Cyril Muller, Vice-President of the World Bank for Europe and Central Asia region, Danny Leipziger, Professor of International Business and International affairs at George Washington University and managing Director at Growth Dialogue (USA). Previously, he worked for many years at the United States Agency for International Development (USAID), U.S. Department of State and the World Bank. He is an expert in emerging economies and finance, industrial policy, banks and globalization. Also, Professor at the University of Adolfo Ibáñez and the Institute for the Support of Corporate Innovation (Chile) Eduardo Bitran along with Marcelo Tokman, who from 2015-2018 served as CEO of the National Petroleum Company (Chile), former Minister of Energy of this country. Also, the meeting was attended by representatives of a number of ministries and departments, international financial institutions, including the World Bank Group, the International Monetary Fund, the Asian Development Bank, the European Bank for Reconstruction and Development, the United Nations Development Program.

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During the event, participants defined and discussed in detail the priority areas of reforms for implementation in 2019-2021:

- Strengthening macroeconomic stability;
- Improving the energy sector;
- Human capital development and social protection;
- Development of agriculture;
- Increase access to finance for the development of the private sector;
- Development of competition and entrepreneurship;
- The development of foreign and domestic trade and transport;
- Accelerating sustainable urbanization and urban development;

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Representatives of the responsible ministries and departments, prominent foreign scientists and specialists shared their views on these issues. In particular, Deputy Prime Minister of the Republic of Uzbekistan - Minister of Finance D. Kuchkarov and Professor of the American University of George Washington D. Leipziger discussed the priorities of structural reforms, First Deputy Minister of Economy and Industry R. Gulyamov and the Head of the National Oil Company of Chile M Tokman considered the Energy Strategy, the Chairman of the Central Bank M. Nurmuratov along with the representatives of the World Bank and the Asian Development Bank deliberated on the development of microfinance.

At the conclusion of the meeting, the Council decided to hold such meetings quarterly to discuss the progress of the reforms being implemented, in order to identify and resolve the most important issues.

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