乌兹别克斯坦国有企业：问题与改革选择

State Owned Enterprisesin Uzbekistan: Issues andReform Options Alejandro Simone, Sarvar Ahmedov, Shuyi Wang, and Amel Ould-Brahim SIP/2026/058 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on May 28, 2026. This paper is alsopublished separately as IMF Country Report No 26/153. 2026JUL IMFSelected IssuesPaperMiddle East and Central Asia State Owned Enterprises in Uzbekistan: Issues and Reform Options,Republic of UzbekistanPrepared byAlejandro Simone, Sarvar Ahmedov, Shuyi Wang, and Amel Ould-Brahim* Authorized for distribution by Yasser AbdihJuly2026 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on May 28, 2026. This paper is also published separately as IMF Country Report No 26/153. ABSTRACT:This paper provides an overview of the role of state-owned enterprises (SOEs) in Uzbekistan,examining their economic footprint, financial performance, and reform trajectory. It describes how SOEs play aprominent role in the economy while interacting closely with public finances through various forms of supportand the creation of fiscal risks. The paper reviews recent reforms to SOE governance, transparency, andprivatization frameworks, and discusses areas of progress and challenge. Drawing on international experience,it concludes that advancing SOE reforms will require clarifying the state’s ownership role, reducing SOEpresence in non-strategic and competitive sectors, and strengthening governance, transparency, andincentives in enterprises remaining under state ownership to support private sector-led growth. RECOMMENDED CITATION:Simone, Alejandro Sergio, Sarvar Ahmedov, Shuyi Wang, and Amel Ould-Brahim (2026).State-Owned Enterprises in Uzbekistan: Issues and Reform Options.In IMF, Selected IssuesPaper SIP/2026/058. Washington, DC: International Monetary Fund. State Owned Enterprises inUzbekistan: Issues and ReformOptions Republic of Uzbekistan Prepared by Alejandro Simone, Sarvar Ahmedov, Shuyi Wang, andAmel Ould-Brahim1 REPUBLIC OFUZBEKISTAN SELECTED ISSUES ApprovedByMiddle East andCentral AsiaDepartment 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_________________________________________12E. Reform Options______________________________________________________________________14 ANNEX I. Largest State-Owned Enterprises of Uzbekistan______________________________________16 References_____________________________________________________________________________17 STATE OWNED ENTERPRISES IN UZBEKISTAN:ISSUESAND REFORM OPTIONS 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 animportantbearing oneconomy-wideproductivity and competitiveness.Moreover, as recipients ofsubstantialgovernmentsupport in the form ofsubsidies,favorable loan conditions,andguarantees,SOEsgive rise to significantdirectfiscalcostsandexpose the budget to sizablefiscal risksthroughcontingent liabilities. 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 ofresource allocationandSOE financial performance.In turn, this wouldreducereliance ongovernment supportandhelpmitigatefiscal risksarisingfromSOEs.Moreover,whencombinedwithreformstomarket regulation and institutions,deeperSOE reforms wouldfosterprivate sectordevelopmentbyfacilitatingfirm entryand exitand leveling the playing field with private firms,therebypromotingamorecompetitivebusiness environment. 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 internationalcontext. SectionCreview