Republic of Uzbekistan : Country Economic Memorandum

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dc.creatorWorld Bank
dc.date2013-08-01T22:19:05Z
dc.date2013-08-01T22:19:05Z
dc.date2003-04-30
dc.date.accessioned2026-07-01T01:22:53Z
dc.descriptionUzbekistan adopted upon independence in 1991, an import substitution development strategy, intended to transform the economy from heavy dependence on agriculture and natural resources, to a modern industrial economy, helping achieve some objectives, notably energy and food self-sufficiency, having sustained growth for the past six years. However, this report argues that important goals have not been met, and there are still significant opportunity costs, and risks to the development strategy. Priority reforms should be a decisive move to liberalize prices, production, marketing and distribution, coupled with the imposition of hard budget constraints. Given the need for a robust supply response, reforms need to be sufficiently comprehensive, and deep to allow for rapid re-alignment of productive factors. The initial liberalization would be followed by further institutional reforms, and restructuring in enterprise, banking, and energy sectors. Recommendations suggest the liberalization of the foreign exchange regime in conjunction with tight fiscal, and monetary policies, in order to raise bank interest rates to positive real levels. This leads to the necessary removal of barriers to foreign trade, by eliminating non-tariff barriers, and advance payment restrictions on imports, replacing export prepayment requirements with time limits on repatriation of exports earnings by domestic enterprises. Subsequently, the VAT should be refunded on all exports, and imports duty exemptions on inputs for exports, uniformly applied. Moreover, it is suggested to enhance price and market flexibility, to reduce significantly material balances, and phase-out completely the cash, and mandatory crop plans, to ensure that farms, and firms can respond to market price signals. Overall, this would foster an active commercial behavior by enterprises, strengthen social protection, and increase transparency.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2003/04/2329591/uzbekistan-country-economic-memorandum
dc.identifierhttps://hdl.handle.net/10986/14763
dc.identifierhttps://doi.org/10.1596/14763
dc.identifier.urihttp://hdl.handle.net/123456789/417573
dc.languageEnglish
dc.languageen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectACCOUNTING
dc.subjectAGRICULTURE
dc.subjectALLOCATION OF RESOURCES
dc.subjectAUDITS
dc.subjectAUTONOMY
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK PRIVATIZATION
dc.subjectBANK PROFITS
dc.subjectBANK RESTRUCTURING
dc.subjectBANKING REFORM
dc.subjectBANKING SYSTEM
dc.subjectBORROWING POLICIES
dc.subjectBUDGET CONSTRAINTS
dc.subjectBUDGET DEFICITS
dc.subjectCABINET OF MINISTERS
dc.subjectCAPITAL FLIGHT
dc.subjectCAPITAL GOODS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL PLANNING
dc.subjectCLOSED ECONOMY
dc.subjectCOMPETITIVENESS
dc.subjectCONSENSUS
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONSUMERS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCPI
dc.subjectDEBT
dc.subjectDECISION-MAKING
dc.subjectDEMAND FOR MONEY
dc.subjectDEPOSITS
dc.subjectDEVALUATION
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPMENT BANKING
dc.subjectDEVELOPMENT STRATEGY
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC INFORMATION
dc.subjectECONOMIC REFORM
dc.subjectECONOMIC RELATIONS
dc.subjectECONOMIC RESOURCES
dc.subjectECONOMIC SITUATION
dc.subjectEMPLOYMENT GENERATION
dc.subjectENACTMENT
dc.subjectENTERPRISE RESTRUCTURING
dc.subjectENTREPRENEURSHIP
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE DEVALUATION
dc.subjectEXCHANGE RATES
dc.subjectEXPANSIONARY FISCAL
dc.subjectEXPENDITURE
dc.subjectEXPORT EARNINGS
dc.subjectEXPORTS
dc.subjectFARMS
dc.subjectFINANCIAL AUTONOMY
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DISCIPLINE
dc.subjectFINANCIAL SUPPORT
dc.subjectFISCAL
dc.subjectFISCAL ADJUSTMENT
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL STANCE
dc.subjectFOREIGN BORROWING
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE REGIME
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN TRADE
dc.subjectFORMAL EMPLOYMENT
dc.subjectFORMAL SECTOR
dc.subjectFORMAL SECTOR EMPLOYMENT
dc.subjectGDP
dc.subjectGDP DEFLATOR
dc.subjectGDP PER CAPITA
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT POLICIES
dc.subjectGOVERNMENT'S DEVELOPMENT STRATEGY
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHARD BUDGET CONSTRAINTS
dc.subjectIMPORT SUBSTITUTION
dc.subjectIMPORT TARIFFS
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINDUSTRIALIZATION
dc.subjectINFLATION
dc.subjectINFORMATION DISCLOSURE
dc.subjectINFORMATION DISSEMINATION
dc.subjectINSTITUTIONAL REFORMS
dc.subjectINSURANCE
dc.subjectINTEREST RATE
dc.subjectINTERMEDIATE GOODS
dc.subjectINTERMEDIATE INPUTS
dc.subjectINTERNATIONAL MONETARY FUND
dc.subjectINTERNATIONAL RESERVES
dc.subjectLABOR MARKETS
dc.subjectLABOR REDEPLOYMENT
dc.subjectLEGISLATION
dc.subjectLIVING STANDARDS
dc.subjectLOAN COMMITMENTS
dc.subjectLOW INTEREST RATES
dc.subjectMACROECONOMIC CONTEXT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMARKET DISTORTIONS
dc.subjectMARKET PRICES
dc.subjectMINISTRY OF FINANCE
dc.subjectMONETARY POLICIES
dc.subjectNATURAL MONOPOLIES
dc.subjectNATURAL RESOURCES
dc.subjectOIL
dc.subjectOIL REFINERIES
dc.subjectOPPORTUNITY COST
dc.subjectOPPORTUNITY COSTS
dc.subjectOVERVALUATION
dc.subjectPENSION FUND
dc.subjectPENSIONS
dc.subjectPOPULATION GROWTH
dc.subjectPOVERTY LINE
dc.subjectPRICE CONTROLS
dc.subjectPRIVATIZATION AGENCY
dc.subjectPUBLIC INFORMATION
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SECTOR DEFICITS
dc.subjectPURCHASING POWER
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL GDP
dc.subjectREAL INTEREST RATES
dc.subjectRELATIVE PRICES
dc.subjectRESOURCE ALLOCATION
dc.subjectSHORT-TERM DEBT
dc.subjectSOCIAL ASSISTANCE
dc.subjectSOCIAL PROTECTION
dc.subjectSOCIAL PROTECTION SYSTEM
dc.subjectSOCIAL SECTOR
dc.subjectSTATE BANKS
dc.subjectSTATE BUDGET
dc.subjectSTATE ENTERPRISE
dc.subjectSTATE PROCUREMENT
dc.subjectTARIFF BARRIERS
dc.subjectTAX AUTHORITIES
dc.subjectTAX LIABILITIES
dc.subjectTAXATION
dc.subjectTELECOMMUNICATIONS
dc.subjectTERMS OF TRADE
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY
dc.subjectTRANSPORT
dc.subjectUNEMPLOYMENT
dc.subjectWAGES COUNTRY ECONOMIC WORK
dc.subjectDEVELOPMENT STRATEGIES
dc.subjectTRANSITION ECONOMIES
dc.subjectAGRICULTURAL ECONOMY
dc.subjectNATURAL RESOURCE UTILIZATION
dc.subjectINDUSTRIAL ECONOMICS
dc.subjectENERGY FLOW
dc.subjectFOOD SECURITY
dc.subjectOPPORTUNITY COSTS
dc.subjectRISK MANAGEMENT
dc.subjectREFORM POLICY
dc.subjectPRICING REFORMS
dc.subjectLIBERALIZATION
dc.subjectBUDGET ADMINISTRATION
dc.subjectPRODUCTIVITY GROWTH
dc.subjectINSTITUTIONAL REFORM
dc.subjectENTERPRISE RESTRUCTURING
dc.subjectBANKING REFORMS
dc.subjectENERGY SECTOR REFORM
dc.subjectFOREIGN EXCHANGE RISK MANAGEMENT
dc.subjectFISCAL CONTRACTION
dc.subjectMONETARY POLICY
dc.subjectINTEREST RATE INCREASES
dc.subjectTRADE BARRIERS
dc.subjectTARIFF POLICY
dc.subjectEXPORT RESTRICTIONS
dc.subjectIMPORT PAYMENTS
dc.subjectMARKET PROJECTIONS
dc.subjectCOMMERCIAL PERFORMANCE INDICATORS
dc.subjectSOCIAL PROTECTION SYSTEMS
dc.titleRepublic of Uzbekistan : Country Economic Memorandum

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