BAKU, Azerbaijan, August 25. Uzbekistan and the International Monetary Fund discussed measures to strengthen fiscal governance and public financial management, including improving fiscal risk assessment, budget planning and the management of public resources.
This was reflected in the statement by the Ministry of Economy and Finance of Uzbekistan, following a meeting on August 24 between Amanda Sayeg, senior economist in the Public Financial Management Division of the IMF’s Fiscal Affairs Department, and Jamshid Kuchkarov, Uzbekistan’s Deputy Prime Minister and Minister of Economy and Finance.
The meeting focused on further developing cooperation between Uzbekistan and the IMF and reviewing priority areas of the country’s ongoing fiscal reforms.
Particular attention was given to Uzbekistan’s fiscal development objectives and measures aimed at strengthening the public financial management system.
The sides also discussed efforts to identify, assess and monitor fiscal risks and better account for their potential impact on the sustainability of public finances.
“Strengthening fiscal risk management and improving the quality of budget planning are important elements of sustainable public finance management,” the Uzbek Ministry of Economy and Finance said, summarizing the discussions.
The meeting also covered the formulation of budget revenues and expenditures, as well as efforts to improve budget planning and forecasting mechanisms.
The sides emphasized the importance of more effective management of budgetary resources and greater consistency between financial planning and fiscal policy priorities.
Improving forecasting and strengthening mechanisms for monitoring fiscal risks are expected to help Uzbekistan better assess potential pressures on public finances and improve the efficiency of government financial management.
The discussions form part of Uzbekistan’s broader efforts to modernize its fiscal governance framework and strengthen the institutions responsible for managing public finances.
At the conclusion of the meeting, the sides reaffirmed their readiness to deepen cooperation and continue exchanging views on fiscal policy, public financial management and other issues discussed during the meeting.
