Uzbekistan plans to adapt its pension system to demographic changes

Uzbekistan Intends to Adapt Pension System to Demographic Changes

Deputy Prime Minister of Uzbekistan — Minister of Economy and Finance Jamshid Kuchkarov held a meeting with representatives of the International Monetary Fund, the World Bank, and the International Labour Organization.

The talks were attended by Andre Picard, Head of Actuarial Services Unit of the ILO Social Protection Department, Csaba Feher, Senior Economist of the IMF Fiscal Affairs Department, and Himanshi Jain, World Bank Senior Social Protection Specialist. The parties discussed the main directions for improving the republic's pension system, taking into account international experience and the country's socio-economic characteristics.

Particular attention was paid to ensuring the long-term sustainability of the pension system, improving the mechanisms for forming pension rights, expanding population coverage, developing the funded component, and adapting the system to demographic changes.

Approaches to developing the architecture of the pension system were also discussed, including the harmonization of its components, the management of pension assets and funds, as well as the development of individual pension accounts. Following the meeting, the parties confirmed the importance of continuing expert cooperation on conducting the pension reform.