The Asian Development Bank (ADB) has approved a $500 million policy-based loan to help Uzbekistan strengthen public sector efficiency, enhance economic governance, and accelerate its integration into the global economy. The support, provided under the Economic Management Improvement Program (Phase 2), builds on earlier reforms and introduces a new set of institutional measures aimed at promoting fiscal transparency, modernizing the management of state-owned enterprises (SOEs), and creating a more competitive and resilient economic environment. This initiative aligns with international standards and underscores Uzbekistan’s ongoing commitment to advancing market-oriented reforms.
According to ADB Country Director for Uzbekistan Kanokpan Lao-Araya, the program demonstrates the country’s strong dedication to institutional reform and inclusive growth. She reaffirmed ADB’s partnership with the Government of Uzbekistan in pursuing economic modernization and deeper global engagement, especially as the country progresses toward accession to the World Trade Organization (WTO).
The program includes a broad range of reforms designed to strengthen Uzbekistan’s economic and institutional framework. Key initiatives include establishing unified regulations for public investments in public–private partnerships, enacting legislation to enhance competition and investment governance, and improving SOE oversight through better board structures, gender representation targets, and the adoption of international financial reporting standards. Additional measures aim to expand the tax base, enhance international tax cooperation, and advance anti-corruption initiatives through conflict-of-interest legislation and upgraded audit systems. The reforms also align Uzbekistan’s legal framework with global trade and investment norms to facilitate WTO membership.
In recognition of the social impacts of economic reform, the program integrates measures to strengthen social protection systems and cushion vulnerable groups from potential disruptions. These safeguards aim to ensure that the benefits of economic transformation are widely shared and contribute to long-term social stability and inclusion.
The year 2025 marks the 30th anniversary of the partnership between ADB and the Republic of Uzbekistan. Since joining ADB in 1995, Uzbekistan has received a total of $14.6 billion in public sector loans, grants, and technical assistance, underscoring the depth of collaboration between the two partners. Established in 1966, ADB continues to drive inclusive, sustainable, and resilient growth across Asia and the Pacific, leveraging innovative financing tools and strategic partnerships to build quality infrastructure, promote economic reform, and improve livelihoods across its 69 member countries.
Related Posts
