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WB, Uzbekistan talk efforts to implement macroeconomic reforms

28 February 2019 16:59 (UTC+04:00)
WB, Uzbekistan talk efforts to implement macroeconomic reforms

By Trend

During the meeting in Tashkent between World Bank (WB) European and Central Asia Vice President Cyril Muller and Uzbek President Shavkat Mirziyoyev, the sides discussed current efforts to create a successful market economy, reform state institutions and modernize the country's large agricultural sector, Trend reports with reference to the World Bank.

During the meeting, issues of further deepening the multi-dimensional partnership between Uzbekistan and the World Bank group were discussed.

The importance of promoting practical cooperation in such areas as the development of banking and financial sector, supporting entrepreneurship and the real economy, reforming state enterprises and the agro-industrial complex, improving business environment and investment climate, widespread introduction of public-private partnership mechanisms in the implementation of infrastructure projects was noted .

Uzbekistan is making strong progress implementing challenging economic reforms to support growth and build opportunities for citizens, says Cyril Muller.

Visiting Uzbekistan, Muller reaffirmed the World Bank’s continued support for the country’s transformation agenda.

“Broad economic reforms are helping promote greater transparency and accountability, leading to better public services for citizens,” said MMuller. “Continued reforms in the business environment, the banking, financial and energy sectors, land and agriculture and especially health and education will boost private sector investments, create jobs – especially for young people – and help the country achieve sustainable economic growth.”

Among citizens of Uzbekistan, support for the country’s reform agenda remains high. According to a 2018 survey conducted by the World Bank, Listening to Citizens of Uzbekistan, about 95 percent of respondents from 4,000 households across Uzbekistan express optimism for the country’s economic future. And nearly 80 percent of the respondents are eager for more opportunities to engage with the government on important policy decisions.

During his visit, Muller also visited Westminster International University in Tashkent, where he met with students, business leaders and journalists to discuss the opportunities that the social and economic transformation brings to the citizens of Uzbekistan, especially women and young people, to participate in the economic future of their country.

“Uzbekistan has a young, rapidly growing working-age population, with about 500,000 new job seekers entering the labor market each year,” said Muller. “That is why it is so important to maintain the reform momentum, invest in people’s health and education, and ensure everyone has an opportunity to realize their full potential. I am very optimistic for the future of Uzbekistan.”

Muller noted that the successful issuance of securities on international stock markets, obtaining sovereign ratings and raising Uzbekistan’s international country rating are the reasons for international recognition of the ongoing new course of large-scale socio-economic transformation in Uzbekistan.

The World Bank is supporting Uzbekistan through the implementation of 19 projects, totaling over $3.32 billion.

These projects contribute to the implementation of macroeconomic reforms, the improvement of agriculture and water resources management, energy, transport, healthcare, education, urban development, water supply and sanitation services, and support the country’s economic growth.

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