The Ministry of Economy and Finance of Uzbekistan held discussions with the International Monetary Fund (IMF) on September 6 regarding measures to improve state and financial management practices.
The meeting was attended by Brian Buttersby, Senior Economist of the IMF's Fiscal Affairs Department, and Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance, as reported by the Ministry of Economy and Finance. Amanda Saeg and Natalia Salazar, Senior Economists from the IMF's Fiscal Affairs Department's Public Financial Management Division, were also present, along with Akhadbek Khaydarov, Deputy Minister of Economy and Finance, and other responsible officials.
The central topic was the further improvement of fiscal management. The parties reviewed possibilities for applying advanced methods in public financial management and developing corresponding practices.
Particular attention was paid to fiscal discipline, which participants called one of the key conditions for effective public financial management. Discussions covered maintaining a balance between budget revenues and expenditures, as well as the potential use of new approaches to determine the size and limit of the budget deficit.
A separate part of the negotiations was dedicated to the efficiency of budget expenditures. Participants examined methods that could enhance the quality of utilizing available budgetary resources.
Representatives from Uzbekistan and the IMF also discussed the need to improve the budgeting process in terms of revenue forecasting and expenditure planning. Special attention was given to using accurate and reliable forecasts when determining key budget parameters.
The parties also considered the need to ensure consistency in financial planning. It was established that improving forecasting quality and more effective expenditure planning are areas requiring further refinement of the budgeting process.
At the conclusion of the meeting, representatives from Uzbekistan and the IMF confirmed their readiness to continue joint work on reforms in fiscal and public financial management. Furthermore, the parties agreed to continue studying best international practices and developing mutually beneficial cooperation in relevant areas.