Raxmatilla norboyev



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Raxmatilla Norboyev



RAXMATILLA NORBOYEV
The economic 
development of my 
country.


Since gaining independence, the Government of Uzbekistan has stated that it
is committed to a gradual transition to a market-based economy. The progress
with economic policy reforms has been a cautious one, but cumulatively
Uzbekistan has shown respectable achievements. The government is yet to
eliminate the gap between the black market and official exchange rates by
successfully introducing convertibility of the national currency. Its restrictive
trade regime and generally interventionist policies continue to have a
negative effect on the economy. Substantial structural reform is needed,
particularly in these areas: improving the investment climate for foreign
investors, strengthening the banking system, and freeing the agricultural
sector from state control. Remaining restrictions on currency conversion
capacity and other government measures to control economic activity,
including the implementation of severe import restrictions and sporadic
closures of Uzbekistan's borders with neighboring Kazakhstan, Kyrgyzstan,
and Tajikistan have led international lending organizations to suspend or
scale back credits.
Economy of Uzbekistan
www.arxiv.uz


Working closely with the IMF, the
government
has
made
considerable
progress in reducing inflation and the
budget deficit. The national currency was
made convertible in 2003 as part of the
IMF-engineered stabilization program,

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