World Bank Document

One of the objectives underpinning private sector growth is improvement of the 

overall regulatory environment for businesses. The quality of the regulatory environment 

continues to pose a significant barrier for businesses, particularly MSMEs. Key problems include 

overly complex regulations, high levels of regulator discretion, and multiple interactions with 

different agencies. A related issue concerns the need for improved governance that would include 

private sector participation in regulatory design, integrated use of public-private dialogue, 

feedback mechanisms, and appeals processes. While Uzbekistan has made considerable progress, 

illustrated by its improved ranking in Doing Business 2016, increased attention is still needed to 

ensure full, non-discretionary application of regulations to all economic actors. This CPF objective 

is expected to contribute to overall job creation by improving competitiveness and strengthening 

transparency, thus creating more opportunity for firms, large and small, to invest and grow. 

Specific improvements in the investment climate would be measured by surveys of firms or 

existing data sets such as Doing Business.  

 

43. 

Another important objective is strengthening private sector access to finance and