Uzbekistan: Public Finance Management Reform Project
Asian Development Bank | October 2018
Abstract
1. Uzbekistan is the most populous country in Central and West Asia and has the second largest economy. At the time of project preparation in 2006, it had a gross domestic product (GDP) of SUM21.1 billion ($17.3 billion). Uzbekistan has abundant natural resources, including gold, natural gas, copper and uranium. Its economy used to be dominated by agriculture and primary activities and is now led by the services sector. Almost 64% of the population lived in rural areas in 2006. 2. Since its independence in 1991, the country inherited economic problems associated with the collapse of the former Soviet Union and the economy declined until 1996. GDP growth accelerated at an average annual rate of 4.2% from 1999 to 2003 and at 7.3% from 2004 to 2006. Nevertheless, the economic base remained narrow and Uzbekistan was still a low-income country with a per capita GDP of SUM798,000 ($653) in 2006. 3. Since 2000, the Government of Uzbekistan has been working with international partners to prepare the public finance management reform (PFMR). After 7 years of pilot testing, the government adopted a long-term strategic approach to advance the PFMR. Initially, the Asian Development Bank (ADB) was not directly involved in PFMR but coordinated activities, largely through its involvement in financing public sector investment projects. In May 2007, the Ministry of Finance (MOF) developed the Public Finance Management Reform Strategy, 2007–2018 with support from the International Monetary Fund (IMF) and ADB. The strategy outlined a 12-year action plan to (i) establish a functioning treasury system, (ii) adopt and implement a unified budget and accounting system, and (iii) introduce a medium-term budget framework (MTBF) and program budgeting. When the envisaged assistance from the World Bank became unavailable, the government requested ADB support to develop a comprehensive treasury system and implement a unified budget and accounting systems for its PFMR strategy. In this context, ADB prepared the Public Finance Management Reform Project, which was implemented through ADB’s project loan modality.3 The project built and improved on the concept, design documents and procurement packages prepared jointly by the government and the WB in 2005.
Citation
Asian Development Bank. 2018. Uzbekistan: Public Finance Management Reform Project. © Asian Development Bank. http://hdl.handle.net/11540/8856.Keywords
Regional Development Finance
Public Scrutiny of City Finances
Non-Bank Financial Institutions
Local Government Finance
Government Financial Institutions
Foreign and Domestic Financing
Financial Risk Management
Assessing Corporate Governance
Good Governance
Governance Approach
Urban Development Finance
Trade Finance
Small Business Finance
Rural Finance
Roundtable on International Trade and Finance
Regional Development Finance
Finance
Public Finance
Governance
National Budget
Budgetary Policy
Educational Budget
Public Financial Management
Financial System
Financial Statistics
Public Accounting
Business Financing
Subsidies
Social Equity
Economic Equity
Project Risks
Project Impact
Public Administration
Corporations
Taxation
Public Debt
Local Government
Debt Management
Corporate debt
Taxation
Public Accounting
National Budget
Municipal Bonds
Local Government
Local Taxes
International Monetary Relations
International Financial Market
International Banking
Central Banks
Business Financing
Financial Aspects
Taxation
Public Debt
Local Government
Debt Management
Pension Funds
Mutual Funds
Social Equity
Financial Aspects
Fiscal Policy
Investment Requirements
Banks
|Taxing power
Tax administration and procedure
Tax policy
Effect of taxation on labor supply
Decentralization in government
Community power
Corporate divestment
Civil government
Delegation of powers
Equality
Neighborhood government
Subnational governments
Delivery of government services
Local taxation
Options
Government
Local government
Taxation
Grants
Loans
Use tax
Taxing power
State of taxation
Tax-sales
Tax revenue estimating
Tax planning
Spendings tax
Special assessments
Tax administration and procedure
Sales tax
Real property and taxation
Progressive taxation
Effect of taxation on land use
Effect of taxation on labor supply
Intergovernmental tax relations
Local taxation
Options
Government
Local government
Taxation
Employee pension trusts
Investment management
Investments
Multiemployer pension plans
Keogh plans
Individual retirement accounts
Pension plans
Employee pension trusts
Pension trusts
Accounts
Savings
Inheritance and transfer tax
Trusts and trustees
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