Asian Development Bank approves $500 million loan to support Uzbekistan’s economic reforms

The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support the Government of Uzbekistan in enhancing public sector efficiency, strengthening economic governance, and accelerating integration into the global economy.

The Economic Management Improvement Program (Phase 2) builds on previous reforms, introducing advanced institutional measures to improve fiscal transparency, modernize state-owned enterprise (SOE) governance, and foster a competitive, inclusive, and resilient economic environment. Aligned with international standards, the program supports Uzbekistan’s ongoing commitment to market-based transformation.

“Uzbekistan’s dedication to institutional reform, inclusive growth, and global integration is commendable,” said ADB Country Director for Uzbekistan, Kanokpan Lao-Araya. “ADB is proud to partner with the government in driving economic modernization and unlocking Uzbekistan’s potential as it pursues World Trade Organization (WTO) accession and deeper global engagement.”

The program implements comprehensive reforms to strengthen Uzbekistan’s institutional framework and global integration. Key measures include unified regulations for public investment in public–private partnerships, new legislation to enhance competition and investment governance, and modernized SOE governance through improved board structures, gender representation targets, and mandatory adoption of international financial reporting standards. Additionally, the program expands the tax base, strengthens international tax cooperation, and advances anticorruption efforts through conflict-of-interest legislation and modernized audit systems. It also aligns national laws with global trade and investment norms to support WTO accession.

To ensure inclusive growth, the program incorporates measures to strengthen social protection systems and mitigate the impact of economic restructuring on vulnerable populations, fostering long-term social cohesion.