World Bank approved a new Country Partnership Framework for Uzbekistan for 2016-2020

Almaty. June 15. Silkroadnews – The World Bank’s Board of Executive Directors has approved a new Country Partnership Framework for Uzbekistan for 2016-2020 fiscal years, UzTAG informs.

“The new strategic program supports the country’s national goal to achieve a status in the upper segment of middle-income group in 2030. This goal shall be achieved through raising the competitiveness of the economy, improving the business environment and infrastructure to ensure the terms for the rapid creation of jobs,” the bank’s press-service notes.

Over the last decade, Uzbekistan’s economy grew steadily, was largely resilient to shocks and made good progress in lifting significant parts of the population out of poverty. Given the current weakened external economic environment, Uzbekistan will need to find new drivers for economic growth, so the creation of good jobs has become one of the most important development challenges facing the country.

“A primary development challenge, given the rapidly increasing labor force, is the creation of new productive and sustainable jobs, requiring accelerated transition toward a private sector-driven, market-based economy in Uzbekistan. Private sector development, modernization and liberalization of agriculture, and improved public services for the people are all essential to help Uzbekistan sustain income growth,” said Junghun Cho, the World Bank Country Manager for Uzbekistan.

The agency reminds, Uzbekistan joined the World Bank in 1992 and the International Finance Corporation – in 1995. The current World Bank commitments to Uzbekistan exceed $2 billion.