On October 21, an online meeting was held in the format of a video conference between Deputy Prime Minister-Minister of economic development and poverty reduction of Uzbekistan Jamshid Kuchkarov and specialists of the International Finance Corporation (IFC), headed by Vice President for Europe and Central Asia Georgina Baker.

Our side was also represented by the Minister of Finance of the Republic of Uzbekistan Timur Ishmetov, employees of the ministries of finance, healthcare, employment and labor relations and the Central Bank.

At the beginning of the meeting, participants were introduced to the consequences of the coronavirus pandemic, the current situation in the country and the measures taken by the government to mitigate the impact of the economic crisis. The parties discussed the state of joint projects of the government of Uzbekistan and IFC.

Attention is paid to the ongoing transformation and privatization of state-owned banks. It was noted that for the first time a Supervisory Board was chosen in Ipoteka Bank, where the majority are independent Directors. As part of the transformation, the Bank should become independent, so there will be no civil servants left on the Board. Management will not be appointed, but will be formed on a competitive basis.

 Public-private partnership projects in the field of health and energy were considered. It was reported that the hemodialysis project has reached an important stage – a request for proposals (RFP).

They also discussed the modernization of information and communication technologies. IFC representatives stressed that they are ready to assist in implementing the recommendations of the world Bank on reforming this sector. It is expected that the proposed changes will help its development, the implementation of PPP projects and the fight against the negative consequences of the pandemic.

Source: Ministry of Economy and Finance of the Republic of Uzbekistan