IMF Concludes Consultation With Uzbekistan
by Tatiana Smolenska, Tax-News.com, Moscow
12 September 2013
On February 22, 2013, the Executive Board of the International Monetary Fund (IMF) concluded an Article IV consultation with the Republic of Uzbekistan.
The Executive Board's report said that Uzbekistan's economy has recorded solid growth in recent years. Fiscal policy was prudent in 2011, and preliminary data for 2012 point to a better-than-projected budget outcome, reflecting continued measures to broaden the tax base and strengthen tax administration.
The Board's directors agreed that the main policy priorities from now on should be to bring down inflation, broaden the base of economic growth, and expand employment. Continued implementation of prudent policies and structural reforms will be critical to achieve these goals.
The directors welcomed plans to improve revenue administration, curtail tax exemptions, and reduce energy subsidies while strengthening social assistance. They stressed the importance of adopting a medium-term budget framework and upgrading the management of the mineral revenue fund in line with international best practice.
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