06 September 2020

Government adopts post-crisis program for economic recovery

The Cabinet of Ministers has approved a program for the restoration of economic growth in 2020-2021 and the continuation of systemic structural reforms in the branches of the economy, follows from the report of the Center for Economic Research and Reforms.

The program was approved in order to eliminate the negative impact of the coronavirus pandemic on the social and economic development of Uzbekistan and to restore the investment and foreign economic activity of entities, to create conditions for further development of economic reforms.

The responsible agencies are instructed to implement macroeconomic policies aimed at supporting the development of key sectors of the economy in 2020 and achieving sustained economic growth of 5-5.5 percent in 2021.

The government has also approved a plan of action for the restoration of economic growth and the continuation of structural changes in Uzbekistan for 2020-2021, and a Road Map for the implementation of measures to further continue structural reforms in the economy.

The Action Plan 2020-2021 provides a detailed analysis of the socio-economic impact of the pandemic, as well as the basic measures to support the population and the economy during the acute period of lockdown, the stages of reconstruction and the expected outcome of 2020.

Special focus is on key measures in the banking sector, measures to stimulate domestic demand through employment and income growth and poverty reduction, as well as to improve the business environment, the development of private enterprises, industry and localization measures, improvement of the investment climate, development of digitization, and expansion of exports.

The Roadmap consists of 163 items and shows in detail the implementation mechanisms, costs, sources of financing, the expected results and the time frame for the implementation of the reconstruction measures and the continuation of the structural reforms in 2020-2021.

Until March 1, 2021, the Ministry of Economic Development and Poverty Reduction, the Center for Economic Research and Reforms, the Ministry of Finance, the State Committee on Statistics, the Ministry for Mahalla and Family Affairs and the Ministry of Employment and Labor Relations are responsible for drawing up a strategy to reduce poverty in Uzbekistan by 2030.

It is planned to study indicators for monitoring the implementation of national sustainable development goals, the potential of the national economy and the tasks carried out on the basis of the poverty reduction program and international experience; to determine the driving forces of the economy; to forecast economic growth and job creation.

Another point is the introduction of a unified system for assessing the integrated and balanced socio-economic development of the regions, the efficient use of natural resources and economic and investment potential, as well as other advantages of the areas for their sustainable and dynamic development in accordance with the Presidential Decree “On the introduction of a rating system for the socio-economic development of the regions”.

Thus, the Center for Economic Research and Reforms, the State Committee on Statistics and the Ministry of Economic Development and Poverty Reduction, together with the World Bank and the Ministry for Mahalla and Family Affairs, are responsible for evaluating statistical indicators in eight priority areas:

Economic development and efficiency; 
Labor market efficiency; 
Accessibility and quality of social services; 
Infrastructure development and accessibility; 
Competitiveness and economic diversification; 
Quality of the business environment and entrepreneurship development; 
Financial autonomy, banking and financial development; 
Effectiveness of the work of local authorities in addressing citizens’ appeals and the accessibility of information.