Balance of payments crisis and short-term solutions for Uzbekistan

This paper discusses Uzbekistan’s current account deficit and whether or not it represents a problem with its balance of payments using information from the International Monetary Fund (IMF Article IV Consultation, 2026), as well as Central Bank of Uzbekistan and World Bank data. There are still underlying vulnerabilities with the economy such as: high reliance on imports, increased external debt and sensitivity to global events. Some of the recommendations to reduce risks and improve Uzbekistan’s overall external position include: export support, import-relative optimization, effective management of available reserves, and better coordination of fiscal and monetary policies.

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