Statement by the IMF Deputy Managing Director Tao Zhang at the Conclusion of a Visit to Uzbekistan

Stocks and Financial Services Press Releases Wednesday May 16, 2018 09:24
IMF--16 May--International Monetary Fund

Mr. Tao Zhang, Deputy Managing Director for the International Monetary Fund (IMF), visited Tashkent on May 12-14, 2018. During his visit, Mr. Zhang met with the authorities and representatives of the private sector. The discussions focused on the latest regional and global economic developments and Uzbekistan's economic reform efforts. At the conclusion of his visit, Mr. Zhang made the following statement:

"It was my pleasure to visit Uzbekistan during a very exciting and important time. I would like to thank Prime Minister Aripov and members of his team for their generous hospitality and fruitful series of discussions. During our meetings, I welcomed recent economic reforms, especially liberalization of the foreign exchange market. By promoting a more efficient allocation of resources across Uzbekistan's economy, these reforms will help stimulate much-needed growth and job creation.

"During our meetings, I also welcomed the policies that are being pursued in a range of areas. The Central Bank of Uzbekistan has made commendable progress in improving monetary and exchange rate policies, and the IMF supports the envisaged switch to inflation targeting over the medium term. The government's commitment to reduce the overall fiscal deficit in 2018 is appropriate. The fiscal position will then be well-placed for the introduction of the planned comprehensive tax reform, which should be implemented gradually while preserving fiscal stability. Successful implementation of the authorities' suitably ambitious structural reform agenda will improve the performance of state enterprises, promote resilience of the banking sector, and foster domestic competition.

"While experience shows that such wide-ranging reforms can be difficult and present many challenges, these efforts are needed to increase Uzbekistan's growth rate, create jobs, and raise standards of living. The IMF stands ready to provide policy advice and technical assistance to support Uzbekistan and its people in their reform efforts."


Latest Press Release

WHA Industrial Development Signs Double Deal with Chinese Investor GESAC for Land Purchase and Ready Built Factory Lease

Golden Egret Cement Carbide (Thailand) Co., Ltd. (GESAC) has signed a double agreement for the purchase of 56 rai of land and the 3-year lease of a 4,700 sq m Ready-Built-Factory (RBF) at WHA Eastern Seaboard Industrial Estate 1 (WHA ESIE 1). WHA...

Bangkok Bank approved that an interim dividend be paid at the rate of Baht 2.00 per ordinary share

Bangkok Bank approved that an interim dividend from the profit of the operations for the first half of the year 2019 be paid on September 20, 2019 at the rate of Baht 2.00 per ordinary share. Bangkok Bank President Chartsiri Sophonpanich said the Board...

GoComet raises SGD3 million in Series A Round Led by Leo Capital

GoComet today announced that it has raised SGD3 million in a Series A round led by Leo Capital, alongside SGInnovate and August One, with participation from existing investor,India Quotient. Headquartered in Singapore, GoComet also operates in India,...

Fitch Rates PTT Global Chemical#s Debentures #AA+(tha)#

Fitch Ratings (Thailand) has assigned a National Long-Term Rating of 'AA+(tha)' to PTT Global Chemical Public Company Limited's (PTTGC, AA+(tha)/Stable) new senior unsecured debentures. The debentures of up to THB10 billion will be issued in three...

LGT reports strong net asset inflows and further business expansion in first half of 2019

LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, achieved a group profit of CHF 155.6 million and further expanded its client business in the first half of 2019. The results reflect solid...

Related Topics