American-Uzbekistan Chamber of Commerce

IMF Staff Completes 2015 Article IV Mission to the Republic of Uzbekistan

Source: IMF Press release No. 15/261 of May 13, 2015
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Dear AUCC Members and Friends:


We would like to express our gratitude to all AUCC members who, through all these years, have proven to be Uzbekistan's true allies and have been nothing but dedicated, reliable, honest and most conscientious business partners inspired to expand the bilateral relationship, business climate and promote development to enhance the lives of the people of Uzbekistan and the US.  


Our companies recognize that despite the global economic slowdown, Uzbekistan has managed to secure successfully greater macroeconomic stability and growth.  We applaud the Government of Uzbekistan for their continuous process to improve the operating business environment that US companies benefit from and fiscal discipline that has enhanced economic growth.  We greatly appreciate our own US Government for their continuous dialogue with their Uzbek counterparts on how to use trade and investment engagement as a pillar of the bilateral relations.


We stand ready to use our business acumen to facilitate the Uzbek and US Governments' efforts to attract more American companies and helping those who are already here generate even more success stories for the world to hear. We hope for the US and Uzbek Governments' support in helping us multiply our achievements and generate more projects and contracts that will make our nations achieve greater prosperity, stability and higher rates of development. 


Happy Holidays!  May 2015 bring greater prosperity to the American and Uzbek people. 




Carolyn Lamm, AUCC Chairperson

Timothy McGraw, AUCC President


If your company is interested in joining AUCC, please contact our office at 202-509-3744 or [email protected]  We invite you to be part of our organization and participate in our activities and events.   


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Established in 1993, the American-Uzbekistan Chamber of Commerce (AUCC) is a private, non-profit trade association representing interests of U.S. businesses ranging in size from small private enterprises to large, multinational corporations conducting business in Uzbekistan.

Our Mission: To advocate the views of the business community to ensure that private sector positions are considered during the development of key policies that impact American businesses and the future of U.S.-Uzbekistan relations.

Our Objective: To serve the needs of its members by strengthening commercial relations between the United States and Uzbekistan.

IMF Press Release No. 15/216

May 13, 2015


An International Monetary Fund mission led by Mr. Raja Almarzoqi visited Tashkent on April 29−May 12, 2015 to hold discussions on the 2015 Article IV consultation.

At the conclusion of the mission, Mr. Almarzoqi issued the following statement:

"The economy of Uzbekistan has been resilient in an increasingly difficult external environment, characterized by weak economic activity in Europe and Russia and low oil prices. Following solid growth performance-8.1 percent-in 2014, growth remained robust and GDP increased by 7.5 percent in the first quarter of 2015. Strong public investment and a strategic re-orientation of gas exports from Russia toward China have shielded the economy, so far, from the slowdown experienced by other countries in the region. The external position continues to be strong, but the current account surplus has narrowed. Annual inflation, based on an alternative consumer price index (CPI) measurement by IMF staff,1
declined to a single-digit around 9 percent through March 2015."Fiscal policy remains prudent. Following a small fiscal surplus on a consolidated basis in 2014, the budget execution in the first quarter of 2015 registered a balanced outturn, owing to lower-than-budgeted spending. Investment remains an important component of public spending.


"Monetary policy remains accommodative. The Central Bank of Uzbekistan has cut its policy rate, the refinance rate, from 12 to 9 percent since January 2014. The growth of credit to the economy remains strong. The depreciation rate of the official exchange rate of the Uzbek sum has been slower than currencies of the trading partners.

"The banking sector remains stable, well capitalized and highly liquid. A centralized collateral registry system was launched in 2014, which contributed to broadening access to finance.

"Looking ahead, economic growth is expected to remain strong in 2015, supported by newly adopted modernization programs for industry and infrastructure and programs for privatization and corporate governance which would contribute to structural reform and reduce the state's role in economy. However, near-term risks are tilted to the downside, related to a larger-than-expected slowdown in major trading partners. These vulnerabilities are likely to be limited by large buffers: ample foreign reserves, fiscal buffers, and a low level of public debt. An appropriate policy mix including a moderate loosening of fiscal policy, tighter monetary policy and a more flexible exchange rate would also help mitigate negative shocks to the economy in the short term.

"Sustained and inclusive growth hinges on the promotion of a dynamic private sector. Improving the business environment and strengthening governance and transparency remain critical. The authorities recognize the importance of accelerating private sector development. They have indicated that they will implement additional pragmatic measures to stimulate private sector expansion by easing foreign exchange control, improving access to key infrastructure and raw material resources, ensuring protection of private owners' rights, reducing the number, time and cost of licenses and permits, and supporting private exporters. Decisive measures in these areas could help provide new momentum to support private sector development. In this context, the mission welcomes the authorities' strategy to improve energy efficiency and reduce implicit energy subsides by gradually raising administered prices, and the authorities' recent resolution to strengthen corporate governance and privatize more than 1,500 state-owned assets.

"The authorities' move to improve transparency by publishing fiscal statistics is commendable. Further improvements in the availability and quality of key economic and social data would strengthen evidence-based policy making. To this end, the mission welcomes the authorities' plan to engage in technical assistance on national accounts statistics.


The American-Uzbekistan
Chamber of Commerce
1300 I Street, N.W.,
Suite 720W
Washington, DC 20005
phone: 202.509.3744
[email protected]