Uzbek President Islam Karimov signed a resolution of Cabinet of Ministers on creation of the council on 12 August 2009. The document said the step is directed to further improvement of attraction and effective use of credits and loans of the IFIs and donor countries.

The document said the council will develop proposals on main priorities, directions and cooperation programmes with the IFIs and donor countries and effective use of attracted investments.

The council will also coordinate work of governors from Uzbekistan in international organizations and of ministries and departments, responsible for implementation of the projects, realized with the participation of IFIs and donor countries. It will monitor implementation of the projects.

The resolution also approved governors and deputy governors from Uzbekistan at the IFIs. The document said Finance Minister is governor for International Monetary Fund (IMF) and Asian Development Bank (ADB). Chairman of the Central Bank of Uzbekistan is deputy governor for IMF, while Deputy Economy Minister is deputy governor for ADB.

Economy Ministry is governor for the World Bank Group, and executive director of the Fund for Reconstruction and Development of Uzbekistan.

Minister of Foreign Economic Relations, Investment and Trade is governor for the Islamic Development Bank Group. Chairman of the National Bank of Uzbekistan for Foreign Economic Activity (NBU) will serve as deputy governor, the document said.