Uzbekistan and the International Monetary Fund discussed measures to strengthen fiscal stability and improve public financial management as the government seeks to enhance budget planning, fiscal discipline and the efficient use of public resources.
This was reflected in the statement by the Ministry of Economy and Finance of Uzbekistan, following a meeting between Jamshid Kuchkarov, Uzbekistan’s deputy prime minister and minister of economy and finance, and Brin Battersby, a senior economist at the IMF’s Fiscal Affairs Department.
The meeting was also attended by Amanda Sayeg and Natalia Salazar, senior economists in the IMF’s Public Financial Management Division, as well as Akhadbek Khaydarov, deputy minister of economy and finance, and other officials.
The discussions focused on opportunities to improve the effectiveness of fiscal management, further develop public financial management practices and introduce advanced approaches to fiscal governance.
Particular attention was given to fiscal discipline, which the participants identified as an important element of sound public financial management.
The sides discussed approaches to maintaining an appropriate balance between budget revenues and expenditures, determining sustainable levels and limits for the budget deficit, and ensuring the efficient allocation and use of budgetary resources.
“Strengthening fiscal discipline and improving the quality of budget planning are essential to ensuring sustainable public finances and more efficient use of budget resources,” the ministry said.
The participants also discussed ways to improve budget processes through more accurate revenue forecasting and expenditure planning. The sides emphasized the importance of using reliable economic and fiscal forecasts when determining budget parameters and ensuring greater consistency in financial planning.
The meeting comes as Uzbekistan continues to pursue reforms aimed at strengthening its fiscal framework and improving the management of public finances.
At the end of the meeting, the Uzbek and IMF officials expressed readiness to continue cooperation on fiscal management and public financial management reforms, exchange international best practices and further develop mutually beneficial cooperation.
The sides are expected to maintain dialogue on improving fiscal governance and strengthening the effectiveness of Uzbekistan’s budget management system.
