IMF, EBRD, ADB outline next-stage reform priorities for Uzbekistan

October 2, 2026 at 06:30 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

IMF, EBRD, and ADB representatives named reducing state economic role, fiscal discipline amid high gold prices, raising utility tariffs to cost recovery, and capital market development as top reform priorities for Uzbekistan on September 30. They said WTO accession could help lock in reforms. The next stage will be harder than the previous one, requiring balance between growth and social protection.

Key Facts

IMF, EBRD, and ADB representatives named reducing state economic role, fiscal discipline amid high gold prices, raising utility tariffs to cost recovery, and capital market development as top reform priorities for Uzbekistan on September 30.
EBRD Director for Uzbekistan Andi Aranitasi said the next stage of reforms will be harder than the previous one and requires balancing economic growth with social protection.
ADB Senior Country Economist Sherzod Akbarov said Uzbekistan is pursuing reforms not under crisis pressure but because the current growth model has largely exhausted its drivers.
EBRD Regional Policy Lead for Central Asia and Mongolia Assel Aitkhozhina said Uzbekistan's population grows by about 1.9% per year, or around 700,000 people.
IMF Resident Representative Koba Gvenetadze said the pace of state sector reduction is one of two key issues for Uzbekistan's economy.

Reform Priorities

All three institutions named reducing the state's role in the economy as the first priority. For the EBRD, this means accelerating privatization, strengthening competition, improving corporate governance, and ensuring regulatory predictability. In the banking sector, privatization of Asakabank and Uzsanoatkurilishbank is being prepared after the sale of Ipoteka-bank to Hungary's OTP Group. The IMF also recommends gradually reducing subsidized and targeted lending programs implemented mainly through state banks.

Demographics and Jobs

Participants linked reducing the state's role directly to the labor market. EBRD Regional Policy Lead for Central Asia and Mongolia Assel Aitkhozhina said Uzbekistan's population grows by about 1.9% per year, or around 700,000 people. The young and fast-growing population supports consumption and demand for financial and digital services but requires creating a large number of jobs.