The role of international rankings and indices for reforms in Uzbekistan discussed
Tashkent, Uzbekistan (UzDaily.com) -- On 17 May 2019, the first international forum “The Role of International Ratings and Indices for Reforms in the Republic of Uzbekistan” was held.
It was conducted to improve the image of our country in the world community, enhance global cooperation to improve domestic indicators in generally accepted ratings, inform government agencies and the public about the importance of reforms through such indices, as well as train representatives of relevant ministries and departments, commercial banks, insurance organizations and private sector.
The event was attended by representatives of international financial institutions, investment banks and rating agencies, foreign governments and embassies, heads of relevant local ministries and departments, financial institutions, commercial enterprises and NGOs.
At the opening ceremony, it was noted that international ratings and indices play an important role in strengthening economic, social and institutional reforms in the country in recent years and noted the importance of strengthening the position of the republic. In particular, Uzbekistan received a sovereign credit rating for the first time - “BB-” with a stable outlook, rose from 6th to 5th group in the Organization of Economic Cooperation and Development (OECD) credit risk classification system and ranked 76th among 190 countries in “Doing Business” of the World Bank. The priority of improvement of 24 indicators, as established by law, was noted. In particular, in the near future the country intends to enter the Global Competitiveness Index.
The event continued with reports from high-ranking guests from around the world. Abdullah Luth, Director General of the Agency for Competitiveness and Statistics of the United Arab Emirates, presented the experience and achievements of this state in international rankings, including Doing Business and the Global Competitiveness Index. He said that by 2021 - the 50th anniversary of the formation of the UAE intend to become one of the leaders of the last index, and by 2071 to become the first in the list, spoke about the key strategic objectives of the government and the private sector in this direction and the role of the agency in coordinating the process .
The head of the World Bank’s office in Uzbekistan, Hideko Mori, presented information on the work carried out in the framework of cooperation with our country, major reforms and the impact of international rating indicators.
The United Nations Resident Coordinator Helena Fraser spoke in detail about the long-term engagement of the UN and sustainable development goals.
UNDP Resident Representative in our country Matilda Dimovska presented data on the Human Development Index, its significance and the position of Uzbekistan in it.
Maximilian McGraw of the well-known rating agency S&P made a report on the topic “Methodology of preparing a sovereign credit rating,” where he focused on the indicators of the republic in recent years and the criteria for their assessment.
Dr. Umberto Marengo, Senior Counselor at The Economist Intelligence Unit, spoke about the Index of Democracy developed by this organization and its impact on other international rankings.
In the second part of the forum, practical training seminars were held with the participation of invited international and local experts to exchange experience with representatives of domestic financial institutions, rating agencies and private companies.
Delegates considered improving the investment climate in Uzbekistan through business reforms and improving the management system in line with global indicators, budget openness and global innovation ratings, the experience of the Asian Development Bank in improving the investment environment, as well as the quality of legislation and national statistics, public debt, corruption, banking and insurance, risk management system, the role of civil society in shaping the international image of our country and other issues .