Speaking at a meeting held at the Ministry of Economy and Finance on April 2, Kuchkarov underscored the government's commitment to implementing reforms outlined in the "Uzbekistan - 2030" strategy. Emphasizing the collaboration with international financial institutions, he expressed gratitude to the International Finance Corporation, the EBRD, and the Asian Bank for their support in providing a convertible loan to SQB. Furthermore, plans are underway to sign an agreement with the EBRD in May to prepare Asakabank for privatization.

Kuchkarov also outlined the country's aspirations to expand the scope of Islamic finance mechanisms, highlighting upcoming engagements with the Islamic Development Bank. The Deputy Prime Minister proposed hosting a roundtable discussion on Islamic finance in the coming months, aiming to foster cooperation in this domain.

The announcement comes amidst a broader push for economic modernization in Uzbekistan. Kuchkarov emphasized ongoing reforms in the banking sector and reaffirmed the government's collaboration with international financial organizations to drive progress.

In a related development, Kuchkarov mentioned the imminent approval of a new comprehensive program on privatization, reflecting the government's commitment to advancing economic liberalization measures. This announcement follows the postponement of bank privatization and IPOs in August 2023, a decision that is now under scrutiny as Uzbekistan seeks to bolster its investment landscape.

Michael Tsarev, a senior lecturer at the International School of Finance, Technology, and Science, weighed in on the significance of combating the shadow economy and the importance of rapid privatization. Tsarev underscored the pivotal role of reducing the shadow economy in fostering sustainable economic growth, citing international best practices and emphasizing the need for a collaborative approach between government, society, and businesses.

Furthermore, Michael Tsarev emphasized the importance of adopting the Strategy for Reducing the Shadow Economy until 2030. He highlighted that combating the shadow economy is an ongoing challenge for governments, noting that developed countries typically maintain a shadow economy of 7-8%, as revealed by a BCG study. In contrast, developing countries face a more substantial challenge, with their shadow economies ranging from 30-50%.

Tsarev highlighted the challenges posed by delayed privatization, stressing the importance of aligning macroeconomic policies with the imperative for swift and effective reforms. He emphasized the pivotal role of privatization in enhancing the competitiveness and attractiveness of Uzbekistan's financial sector to domestic and international investors.