Uzbekistan and the IMF discussed fiscal governance reform

Uzbekistan and the IMF discussed fiscal governance reform

On September 6, negotiations were held at the Ministry of Economy and Finance of Uzbekistan with representatives of the International Monetary Fund (IMF), dedicated to increasing the efficiency of fiscal governance and improving public financial management practices.

The meeting took place between Brin Battersby, Senior Economist in the IMF's Fiscal Affairs Department, and Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance. This was reported by the Ministry of Economy and Finance of Uzbekistan.

The discussion was also attended by Amanda Sayegh and Natalia Salazar, Senior Economists in the Public Financial Management Division of the IMF's Fiscal Affairs Department, Ahadbek Khaydarov, Deputy Minister of Economy and Finance, and other responsible representatives.

One of the key topics was the further improvement of fiscal governance. The parties reviewed opportunities for introducing advanced approaches to public financial management and developing relevant practices.

The participants paid special attention to compliance with fiscal discipline, which was described at the meeting as one of the key conditions for effective public financial management. In particular, they discussed issues of maintaining a balance between budget revenues and expenditures, as well as the potential application of new approaches when determining the size and limits of the budget deficit.

A separate block of the negotiations was dedicated to the efficiency of budget fund utilization. The participants reviewed approaches that can be applied to improve the quality of managing available budget resources.

In addition, representatives of Uzbekistan and the IMF discussed improving the budget process in terms of revenue forecasting and expenditure planning. An important place in the discussion was occupied by the issue of using accurate and reliable forecasts when determining the main parameters of the budget.

The parties also reviewed the need to ensure consistency in financial planning. Improving the quality of forecasting and more efficient expenditure planning were identified among the areas for further improvement of the budget process.

Following the meeting, representatives of Uzbekistan and the IMF confirmed their readiness to continue joint work on reforms in the field of fiscal governance and public financial management.

In addition, the parties agreed to continue studying advanced international approaches and to develop mutually beneficial cooperation in the relevant areas.