On March 14, Tashkent hosted a presentation of the results of the assessment of public expenditure and financial accountability (PEFA) in Uzbekistan, conducted by the World Bank with the assistance of the European Union.

The event was attended by experts of relevant ministries and agencies of Uzbekistan, the World Bank and the European Union.

A thorough, data-based analysis of the effectiveness of public funds management is being carried out with PEFA. To date, more than 600 such assessments have been carried out in 150 countries on the basis of international standards and best practices.

The results of assessment, according to which Uzbekistan has a stable and effectively implemented state budget have been announced at the presentation. But despite this, the country faces such tasks as improving the management of state assets and liabilities, development of medium-term budget, development of a fiscal strategy, continuation of activity on ensuring openness of public spending. At the same time, it is necessary to introduce international standards in the sphere of calculations and audit.

The World Bank Country Manager for Uzbekistan Hideki Mori noted that the results of assessment will contribute to formation of a more effective system of public funds management and openness of the State budget – strengthening the investment attractiveness.

The results of current PEFA assessment in Uzbekistan will be used to update strategy for reforming the public financial management for 2018-2025.

Malokhat Khusanova, UzA