Taras Shevchenko St. 21A, Office 505, Tashkent, Uzbekistan 100060

Monthly Meeting on November 10, 2017

Chief of International Monetary Fund mission to Uzbekistan Albert Jaeger graciously accepted AmCham invitation to be an honorary speaker on the monthly meeting which was specially organized during IMF mission visit to Tashkent on November 7–16 in order to discuss the authorities’ plans to continue reforms of the economy and to update the macroeconomic framework.
In accordance with Article IV of the IMF Agreement, representatives of the IMF regularly visit the Republic of Uzbekistan to hold consultations within the government and the Central Bank., Unification of exchange rates and liberalization of the foreign exchange market launched on 5th of September is one of the merits of Uzbek Government and IMF collaboration. This change simultaneously attracted the attention of the global community.
The prospects for economic growth of Uzbekistan «as a whole remain favorable», but, as experience of other countries in transition testify, there are certain risks that could affect economic growth at this stage of economic transformations, Albert Jaeger noted. The next reform steps should aim at improving the investment climate and protecting the vulnerable segments of the population. “Improved international commodity prices and trading partner growth will provide a favorable backdrop to the authorities’ reform efforts. An interesting parallel between countries’ economic reforms and onion which was visualized by Mr. Jaeger during presentation, revealed insights of the process of economic transformation. The deepest layers of the onion are history and culture followed by trust. Outer layers are about managerial practices, implementation and de jure rules. Trust levels depend on culture and history, managerial practices depend on trust levels in society, and de jure rules plus implementation establish de facto rules. Structural reforms establish de jure rules of the game.
At the end of the event, the members had a chance to discuss the topics they are interested in with Albert Jaeger and honorary guests of the Monthly Meeting from Fitch Rating, Center for International Private Enterprise (CIPE), Embassies of France, Great Britain, Bangladesh, Bulgaria and EU Delegation.
The International Monetary Fund (IMF) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF’s stated goal was to assist in the reconstruction of the world’s international payment system post–World War II. The IMF currently has a near-global membership of 188 countries. To become a member, a country must apply and then be accepted by a majority of the existing members. Upon joining, each member country of the IMF is assigned a quota, based broadly on its relative size in the world economy. The IMF provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty. Uzbekistan joined to the IMF on September 21, 1992.