ASTANA – The International Monetary Fund (IMF), together with the Asian Development Bank (ADB), International Labour Organization (ILO) and World Bank, is working with Uzbekistan’s authorities on an early-stage concept for pension reform, IMF Resident Representative in Uzbekistan Koba Gvenetadze said Nov. 13.
Koba Gvenetadze, IMF Resident Representative in Uzbekistan
Photo credit: Gvenetadze’s X account
Speaking at a roundtable at the Central Bank of Uzbekistan in Tashkent, Gvenetadze said the reform remains at an early stage, with authorities examining international experience and assessing different approaches to pension system management. He stressed that any future reform should be financially sustainable and avoid creating additional or unforeseen pressure on the state budget.
Responding to a question about the management of pension savings, including the possibility of involving external investment companies, Gvenetadze said the authorities had not yet developed a detailed reform plan. He added that the development of domestic capital markets could also be relevant to pension reform, as pension funds and capital markets often develop alongside each other.
The IMF will continue working with the authorities as the reform process advances, he said.
