乌兹别克斯坦共和国：若干问题

REPUBLIC OF UZBEKISTAN SELECTED ISSUES June2026 This paperonthe Republic of Uzbekistanwas prepared by a staff team of theInternational Monetary Fund. It is based on the information available at the time it was Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary Fund REPUBLIC OFUZBEKISTAN SELECTED ISSUES May 28,2026 ApprovedByMiddle East and Prepared ByAlejandro Simone, Sarvar Ahmedov, ShuyiWang, and AmelOuld-Brahim CONTENTS STATE OWNED ENTERPRISES IN UZBEKISTAN: ISSUES AND REFORM OPTIONS___2 A. Introduction___________________________________________________________________________2B. The Uzbek SOE Landscape in International Context___________________________________3C. SOE Reforms: Progress and Challenges________________________________________________9D. International Experience with SOE Reforms_________________________________________12 ANNEX I. Largest State-Owned Enterprises of Uzbekistan______________________________________16 References_____________________________________________________________________________17 STATE OWNED ENTERPRISES IN UZBEKISTAN:ISSUES A.Introduction 1.State-owned enterprises (SOEs)play aprominentrole in Uzbekistan’s economy.Theyoperate across a wide range of sectors—includingkeynetworkindustriessuch asutilities,transportation—andthefinancialsystem. SOEsprovide criticalinputstobusinesses andplay acentral rolein implementing public investmentprojects.As a result, theirperformance has an 2.DeepeningSOEreformsis essential to reducethe current largestate footprintin theeconomyandtocomplete asuccessful transitiontoa market economy.Following internationalbest practices inacceleratingprivatization—particularlyof largenon-financial and financialSOEs—andinrestructuringthose SOEsthat the government plansto retain,wouldimprovethe efficiency of 3.This paper aims to characterize Uzbekistan’s SOE landscape, assess progress andremaining challenges in SOE reform,anddiscuss policy optionsto deepenreforms1.Section Bprovides an overview of theSOEsector, includingits maincharacteristics, the legal and institutionalframework, SOEs’ financial performance,andplacesUzbekistan’sSOElandscapein an international B.The Uzbek SOE Landscapein InternationalContext General Characteristics 4.SOEs’ assets amounted to101percent of GDPand were concentrated in a few partiallycompetitivesectors at end 20243.Financial SOE(FSOE)assetsaccountedfor52 percent of GDP whilethose of non-financial SOEs(NFSOEs)accounted for49percent. Oftotal NFSOE assets,mining sector SOEs comprised thelargest portion (31 percent),followed by the oil and gasand electricity sector SOEs (19 percent each). NFSOEsoperating in a variety of other sectors represented theremaining 31 percent with some large companiesoperating in the road and transport infrastructure and Source: State Asset Management Agency of theRepublic of Uzbekistan. 5.Despite the concentration of assets in network sectors, the distribution of the number sectors.A simplified mapping of the SAMA database classification to the specification ofcompetitive, partially competitive/contestable, and natural monopoly marketsinDall’Ollio and particular,many SOEsoperatein market andshoppingcomplexes(31 percent),agriculture andagricultureproduct processing(10 percent),salesand services(10 percent),andsocialsector, tourism, 6.TheSOEssector is a significantemployerin the economy.SOEemployment represented4percent of total employment,8percent offormalemploymentand about19percentof centralgovernment employmentin 2024.Out oftotalof566351 employeesworkingin SOEs,the miningsector was the largestindividualSOE employer(18 Legal and Institutional Frameworkfor SOE 7.Several pieces of legislation, decrees, and resolutionsestablish SOE governanceandprivatizationframeworks.The corporate governance of SOEs is laid outinthefounding act orgovernment decision for each SOE,which lays out itsgovernance structure and reportingobligations.TheLaws on Joint Stock CompaniesandLimited Liability Companies5, which define the Something similarapplies to theprivatization process,which is governed bytheLaw on Privatization 8.State ownershippolicy isconcentrated at the presidential and cabinet levels.ThePresidentisthe highestpolicyauthority in state property management and privatization, with theCabinet of Ministers (COM) acting as the top executive body underhisdirection.COMformulatesdevelopment and privatization programs, coordinates government bodies, and makes key decisionson the establishment, reorganization, and liquidation of SOEs.SAMA was established asthesingle 9.The ownership function isexercisedbyseveraldifferent institutionswithin the executivewith some overlaps.The Ministry of Economy and Finance (MOEF) is the shareholder forthe largest31SOEs, covering22non-financial SOEs and9