The International Monetary Fund mission recommended that Uzbekistan curb public spending growth in 2026 to avoid exacerbating inflationary pressures. This was stated in the final statement following the consultations, Gazeta.uz reports.
The Fund positively assessed the reduction of the budget deficit to 2.1% in 2025, but warned of the risk of its widening with increased spending. The IMF noted that in the event of a possible revenue overshoot, including due to high gold prices, additional funds should not be allocated to expanding budget spending.
The organization also recommended abandoning broad subsidies and focusing on targeted support for vulnerable groups.
Priorities include improving spending efficiency, including public procurement reform, reducing support for state-owned enterprises, and streamlining budget programs.
Furthermore, the IMF proposed introducing a new fiscal benchmark starting in 2027—a deficit indicator excluding revenues from natural resources. The fund believes this will reduce the economy's dependence on fluctuations in gold prices, which remains the country's key export resource.
CentralasianLIGHT.org
April 14, 2026