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External Debt Management by the Government of Uzbekistan:Policies, Strategies, Techniques, Legal System and Institutional Set UpAnd Evaluation of their Processes and Methods.Tarun Das
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Ph.D.Professor (Public Policy), IILM, New Delhi.Consultant, World Bank November 2008
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.The Author would like to express his gratitude to the World Bank HQ and the Uzbekistan Country Office, particularly to Dr. Saumya Mitra, Lead Economist, The World Bank Country Office in Uzbekistan atTashkent for providing an opportunity to prepare this paper. The background note and the Questionnaireexpress the personal views of the author, which do not necessarily imply the views of the World Bank or the organizations he is associated with.
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External Debt Management in Uzbekistan
Tarun Das
 
, Consultant, World Bank 
 
 
CONTENTSACKNOWLEDGEMENTS
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Introduction- Scope and Objectives of the Study
Debt Management PolicyDebt Sustainability Analysis (DSA) by IMF Staff Legal Framework for External Debt Management in Uzbekistan1.4 Terms of Reference (TOR) for the Study
2. Basic concepts of external debt and sustainability indicators
2.1 Definition of external debt2.2 Debt Sustainability and Fiscal Deficit2.3 Debt Sustainability and Current Account Deficit2.4 Liquidity versus Solvency2.5 Debt Sustainability Measures
 
2.6 World Bank Classification of External debt2.7 Stress Tests, Debt Distress and Indicative Debt Service Thresholds2.8 Policy framework and Institutional Set up for External Debt Management2.9 Capacity Building for Management of Public Debt and Contingent Liability2.10 International best practices for policy framework and institutional set up
3. Current State of the Uzbekistan Economy
3.1 Economic Performance and Poverty3.2 Uzbekistan Economic Freedom Indices: The Heritage Foundation3.3 Strengths, Weakness, Opportunities and Threats (SWOT)3.4 Economic Growth and Inflation in 20073.5 External Sector Performance in 20073.6 Money Supply and Banking Operations3.7 Fiscal Situation and Reforms3.8 Medium Term Economic Forecasts3.9 Development Challenges
Annex-1: World Bank CPIA Criteria for Debt ManagementSelected References
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External Debt Management by the Government of Uzbekistan:Policies, Strategies, Techniques, Legal System and Institutional Set UpAnd Evaluation of their Processes and MethodsACKNOWLEDGEMENTS
This Report is based on mainly a review of recent studies on Uzbekistaneconomy made by the development stakeholders and the lessons andinternational best practices drawn from the author’s studies on managementof external debt in selected developing countries in Africa, Asia and Pacificsuch as India, Cambodia, Gambia, Indonesia, Lao PDR, Mongolia, Nepal,Samoa, and Thailand . Most of these references are cited in the paper andincluded in the selected bibliography.The Author would like to express his gratitude to the World Bank HQ andthe Uzbekistan Country Office, particularly to Dr. Saumya Mitra, LeadEconomist, the World Bank Country Office in Uzbekistan at Tashkent for  providing an opportunity to prepare this paper.The author is presently working as Professor (Public Policy) at the Institutefor Integrated Learning in Management, New Delhi, India. Earlier heworked as Economic Adviser in the Planning Commission and the Ministryof Finance, Government of India at New Delhi; Strategic Planning Expert inthe ADB Capacity Building Project on Governance Reforms, Ministry of Finance, Government of Mongolia at Ulaanbaatar; CommonwealthSecretariat Consultant for Debt Sustainability Analysis for the Governmentof Gambia at Banjul; and UN-ESCAP Consultant for the Management of External Debt for the Governments of Samoa, Cambodia, Lao PDR and Nepal. The background note and the Questionnaire express the personalviews of the author, which do not necessarily imply the views of the WorldBank or the organizations he is associated with.
Tarun Das, Ph.D.Professor (Public Policy), IILM, New Delhi, andConsultant, World Bank.
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