Republic of Uzbekistan: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Uzbekistan

May 11, 2018

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Republic of Uzbekistan: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Uzbekistan, (USA: International Monetary Fund, 2018) accessed November 21, 2024

Summary

This 2018 Article IV Consultation highlights that Uzbekistan’s external position remains strong. External shocks, which began in 2014, lowered exports, commodity prices, and remittances and contributed to a decline in growth from about 8 percent to 5 percent in 2017. Growth of domestic employment remained below one percent. A loosening of fiscal and monetary policies, along with price and foreign exchange liberalization, caused inflation to pick up in late 2017 and was close to 20 percent in early 2018. International reserves were equivalent to 19 months of imports of goods and services at end-2017 and debt is low. GDP is projected to expand by about 5 percent in 2018–19, but domestic job creation will continue to lag.

Subject: Banking, Credit, External debt, Foreign exchange, Money, Public and publicly-guaranteed external debt, Public debt

Keywords: Central Asia, CR, Credit, Debt, East Asia, Europe, Fiscal policy, FRD deficit, FX market reform, Global, Government, ISCR, Market FX rate, PPG debt, Prudent fiscal policy, Public and publicly-guaranteed external debt, Real GDP, Uzbekistan

Publication Details

Pages:

70
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2018/117
Stock No:

1UZBEA2018001
ISBN:

9781484354896
ISSN:

1934-7685

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