Posted by: mulrickillion | November 16, 2011

Press Release: Statement at the Conclusion of the 2011 Article IV Consultation Mission to Uzbekistan

Press Release No. 11/413
November 15, 2011

An International Monetary Fund mission led by Mrs. Veronica Bacalu, Deputy Division Chief in the IMF Middle East and Central Asia Department, visited Tashkent on November 2−15, 2011 to conduct discussions in the context of the Article IV consultation.1 David Owen, Deputy Director of the Middle East and Central Asia Department, participated in the discussions at the beginning of the mission and made a presentation on the global and regional economic outlook for representatives of ministries and government agencies.

At the conclusion of the mission, Mrs. Bacalu issued the following statement today in Tashkent:

“Uzbekistan has achieved robust growth since the mid-2000s and has withstood the global financial crisis well. At 8½ percent on average over the last five years, Uzbekistan’s growth is higher than the average growth in Central Asia. Fiscal surpluses registered over the past years, high official reserves, low public debt, a stable banking system, and prudent borrowing from international financial markets have shielded the country from the direct impact of the global crisis.

“GDP growth was reported at 8½ percent in 2010 and is at 8.2 percent through September 2011; and inflation has increased somewhat in recent months. Strong growth was registered in services, transport and communication, trade, and agriculture and was driven by buoyant domestic consumption supported by large wage and pension increases. Investment has also continued, led by government’s industrialization program and supported by higher foreign direct investment.

“The mission expects GDP to grow by 8.3 percent in 2011 with strong economic growth projected to continue over the medium term. Growth will continue to be supported by government’s policies to boost domestic consumption and investment and high commodity prices (projected to stabilize around current levels) for the Uzbek exports. External and fiscal positions are expected to stay strong.

“Important initiatives were undertaken in 2011 to support small businesses and facilitate private sector development. The authorities have initiated commendable measures, including streamlining access to bank financing, simplifying registration and issuance of permits, extending the moratorium on tax inspections for newly created small enterprises from 2 to 3 years; and simplifying customs certification procedures. . . .

Press Release: Statement at the Conclusion of the 2011 Article IV Consultation Mission to Uzbekistan

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