On October 23, this year, a meeting of representatives of the International Monetary Fund, headed by the managing Director of the IMF Kristalina Georgieva, with the leaders of the economic bloc of the Caucasus and Central Asia countries was held in the format of a videoconference.

The Uzbek side was represented by Jamshid Kuchkarov, Deputy Prime Minister, Minister of economic development and poverty reduction, Timur Ishmetov, Minister of Finance, and Mamarizo Nurmuratov, Chairman of the Central Bank.

The agenda included discussions on the main risks to macroeconomic stability and sustainability in the region during the post-COVID recovery period, reform priorities for a "more effective recovery" after the crisis, including strengthening the foundations of macroeconomic financial policies and increasing the sustainability and diversification of national economies, as well as major reforms needed to strengthen social protection systems.

At the beginning of the meeting, IMF managing Director Kristalina Georgieva noted that the coronavirus pandemic has had a negative impact on the economies of all countries of the world, including the countries of the Caucasus and Central Asia. As a result of the forced quarantine measures, most countries experienced a reduction in production rates and a significant decline in economic activity. In this regard, she stressed the importance of joining forces to ensure macroeconomic stability and sustainability during the post-pandemic recovery period.

During the meeting, the heads of departments of the economic bloc of Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan shared information on the measures taken by their governments to protect the population and mitigate the effects of the coronavirus pandemic on the economy.

In particular, Deputy Prime Minister, Minister of economic development and poverty reduction Jamshid Kuchkarov presented a brief macroeconomic overview of Uzbekistan, noting that by the end of 2020, the real GDP growth rate of Uzbekistan is expected to reach 1.8%. In addition, it was noted that the pandemic once again proved the importance of continuing the course of structural reforms and increasing public investment to increase human capital. It was emphasized that despite the current challenges, the country's leadership expresses its firm intention to continue the course of structural reforms aimed at liberalizing the economy, reforming the agricultural sector and land relations, reducing the state's presence in the economy through the active implementation of the privatization program, as well as supporting the development of private entrepreneurship, improving the competitive environment.

At the same time, the main focus is on mobilizing and preserving resources to protect and invest in human development.

In conclusion, the managing Director of the IMF, Kristalina Georgieva, called on countries to unite to ensure effective recovery of the growth rates of the region's economies, as well as the global supply chain.

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