Sodik Safoyev: “The Uzbek model was a wrong policy. Three years ago our economy was on the brink of disaster”

Sodik Safoyev made a speech at the XXI plenary session of the upper house of parliament on investment in the regions. His words were quoted by a Kun.uz correspondent.

“Reforms are never easy. It is always tense, especially at the initial stage. This is particularly true of societies that have delayed the change. Unfortunately, this is true for Uzbekistan too. 

Every economist knows that it is harmful to keep the rate of national currency artificially high. It undermines exports and paves the way for imports.

For many years we have had an incorrect policy due to the financial illiteracy of bureaucrats and the financial system has been hampering the development of the economy.

As a result, Uzbekistan is ranked low among the world countries in terms of per capita GDP.

Millions of our compatriots were forced to seek work abroad.

Three years ago, our society and economy were on the brink of disaster.

Until now, we have considered the Uzbek model as a deep and well thought-out development plan. But it is not true. This was a wrong policy and is being rectified today,” the first deputy chairman of the Senate said.