Uzbek president, IMF deputy managing director discuss cooperation in macroeconomic policy

TASHKENT. June 30 (Interfax) - Uzbek President Shavkat Mirziyoyev has met with International Monetary Fund (IMF) Deputy Managing Director Bo Li, who is visiting Uzbekistan for a meeting of the IMF Swiss constituency, the Uzbek media said.

"The sides have discussed the current situation and prospects for the development of global financial markets, as well as further strengthening of Uzbek-IMF cooperation. Emphasis was put on the implementation of the agreements reached at a meeting of Mirziyoyev and [IMF Managing Director Kristalina] Georgieva in New York in September last year," the media said.

The IMF's role in supporting Uzbekistan's reforms, including those in monetary, forex, budget and tax policy, was highlighted at the negotiations, it said.

Expanding the IMF's advisory and technical assistance in the elaboration of a macroeconomic policy strategy, the development of digital payments, the liberalization of capital movements, the improvement of national statistics methodology, the management of government revenues and the provision of a free exchange rate were discussed.

In addition, the sides discussed the expansion of programs training specialists for Uzbek economic agencies.

Following consultations with Uzbekistan in mid-June, the IMF warned about the risk of overheating the national economy. It said Uzbekistan's economy could grow above its potential amid strong domestic demand. The IMF recommended that the Uzbek authorities avoid increasing spending beyond the budget, limit concessional lending, and not rely on temporarily high revenues from the commodity sector.