AKIPRESS.COM - A new project approved by the World Bank’s Board of Executive Directors on May 24 will advance Uzbekistan’s transition into a market-oriented economy by creating more economic opportunities and better jobs for its citizens. The US$ 33 million credit from the International Development Association (IDA) will support the Institutional Capacity Building Project.
The Project will be implemented by the Government of Uzbekistan as a critical part of its comprehensive economic reform agenda supported by the World Bank Group. As part of the Government’s public finance management the project will strengthen budgeting capacity, investment management, treasury systems, accounting practices, internal controls, and audit functions.
The project also focuses on creating capacity and tools for the effective management and oversight of state-owned enterprises, the development of a pipeline of public-private partnerships (PPPs) and the updating and drafting of relevant laws and regulations, as well as preparing privatization and PPP transactions.
Finally, the project will support the activities of the Economic Council, created under the President of Uzbekistan in January 2019 for the high-level coordination of the Government’s economic reforms.
“This project is a clear demonstration of Uzbekistan’s strong commitment to sustaining its reform efforts,” said Hideki Mori, World Bank Country Manager for Uzbekistan. “We are pleased to be able to support it to the benefit of its citizens and economy.”
The World Bank supports Uzbekistan through 20 projects, totaling over US$ 3.5 billion, in addition to several analytical and advisory services. These activities contribute to the country’s overall economic growth through the implementation of macroeconomic reforms, improvements of agriculture and water resources management, energy, transport, healthcare, education, urban development, and water supply and sanitation services.