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MANILA, PHILIPPINES (February 9, 2023) — The Asian Development Bank (ADB) has approved a $150 million loan and a $400,000 grant to improve economic governance in Uzbekistan.

The first sub-program of Phase 2 of ADB’s Economic Governance Improvement Program continues and deepens ADB’s previous support for public sector governance reforms. The Program supports the Government in its efforts to reform the legal, regulatory and institutional framework to improve the efficiency and transparency of financial management, improve the governance and performance of state-owned enterprises (SOEs), including antitrust systems to encourage competition and increase public sector accountability through sound systems anti-corruption and audit.

“Uzbekistan has demonstrated a strong commitment to reforms that will help transform it into a more open and competitive market economy,” said Evgeny Zhukov, ADB Director General for Central and West Asia. “ADB will continue to help the country achieve this goal while maintaining macroeconomic stability and inclusive and sustainable growth.”

Reforms under the first subprogramme aim to strengthen fiscal risk and public debt management, improve public resource allocation through gender-responsive budgeting and green budgeting, and improve domestic resource mobilization through information technology-based tax administration. They also expand social protection coverage and improve the effectiveness of anti-corruption and audit systems.

The program also supports the development and implementation of Uzbekistan’s transition strategy to a green economy. A clear national plan will help the Government meet its obligations under the Paris Agreement, modernize infrastructure and train its workforce for the skills required for green jobs.

“Improving fiscal transparency, corporate governance, and professional governance of SOEs, along with strengthening antitrust systems, are essential to creating fiscal space for public sector investment, improving the quality of public service delivery, and creating an enabling environment for private sector development in Uzbekistan,” said ADB Chief Economist for Public Administration Chidem Akin.

A $400,000 technical assistance grant will support the implementation of the reforms.

Uzbekistan joined ADB in 1995. Since then, ADB has provided the country $10.8 billion in loans, grants, and technical assistance.

ADB is committed to achieving a prosperous, inclusive, stable, and resilient Asia and the Pacific while continuing its efforts to eradicate extreme poverty. Founded in 1966, it is owned by 68 members – 49 from the region.


Source: www.adb.org