Representatives from the International Monetary Fund (IMF) concluded their trip to Uzbekistan to discuss the 2015 Article IV on Tuesday.
The delegation was led by Raja Almarzoqi, who said that the Uzbekistan economy has shown itself to be resilient to external turbulence in the region.
"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," Almarzoqi said. "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."
Almarzoqi also stated that the banking sector remains in a stable state, with fiscal and monetary policies making accommodations and currently remaining under budgetary guidelines.
“Sustained and inclusive growth hinges on the promotion of a dynamic private sector," Almarzoqi said. "Improving the business environment and strengthening governance and transparency remain critical. The authorities recognize the importance of accelerating private sector development."
He also stated that authorities are open to additional measures to facilitate diversity within the private sector and its overall development.
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