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Uzbekistan complies with 23 of 36 principles of IMF fiscal transparency

4 May 2019

The mission of International Monetary Fund (IMF) updated the transparency assessment in the fiscal area of Uzbekistan, Trend reports with reference to IMF.

Transparency indicators of Uzbekistan improved on the eight principles of the IMF Code compared to the assessment conducted in June 2018. Now Uzbekistan complies with 23 of the 36 principles of the Code.

IMF states that this is quite a significant progress, taking into account the fact that the time interval between estimates was nine months.

However, despite all the progress, transparency still lags behind the average in the developing countries. IMF explains it by the fact that Uzbekistan embarked on the path of reforms a little more than a year ago, while many other countries have been carrying out reforms for several years, and some for decades.

For example, IMF experts recommend stopping the expansion of budget coverage and reporting on government finance statistics in order to include all fiscal flows of budgetary organizations and extrabudgetary funds.

If Uzbekistan continues to move at the same pace in the implementation of reforms and implement the recommendations of the IMF, the country will have even greater progress in ensuring the transparency of fiscal policy, the IMF said.

Fiscal Transparency Code is a key element in the system of standards for fiscal transparency and defines the basis for assessing compliance with its principles in various countries.

Uzbekistan became the first Central Asian country to invite IMF experts to conduct an assessment of the country's budgetary policy transparency. IMF conducted a fiscal transparency evaluation (FTE) for Uzbekistan in June 2018. The FTE found that Uzbekistan met at least the basic standard of practice in 16 of the 36 principles defined in the IMF Fiscal Transparency Code.