Ministry of Economy and Finance of the Republic of Uzbekistan

The seminar is attended by responsible employees of the Administration of the President of the Republic of Uzbekistan and the Cabinet of Ministers, senators and deputies, representatives of relevant ministries and departments, the Ministry of Economy and Finance, the Pension Fund, experts of educational and research institutions, non-governmental and non-profit organizations, international financial organizations, representatives of foreign partner countries.

The seminar was opened by the Deputy Minister of Economy and Finance Otabek Fazilkarimov, who, analyzing existing problems in pension provision, noted that in order to eliminate them and further improve the existing system, the Resolution of the Cabinet of Ministers No. 600 of September 23, 2024 "On organizational measures for the development of the concept of reforming the state pension system" was adopted.

In accordance with the decision, a working group for the development of the draft concept of reforming the state pension system has been approved, and the working group has been instructed to:

preparation of proposals aimed at ensuring the stability of the pension system and strengthening social justice based on advanced foreign experience with the involvement of specialists from ministries and departments, scientific and educational organizations, international organizations, as well as local and foreign experts and consultants;

noted that in accordance with the substantiated proposals, the task was set to develop and submit to the Administration of the President of the Republic of Uzbekistan a draft concept for reforming the state pension system by March 1, 2025.

On the first day of the seminar, Christoph Froydenberg, an adviser to the International Monetary Fund, gave his recommendations on increasing the coverage of citizens in the pension system, providing them with decent pensions, and reducing the human factor in applying for pensions.

Also, the World Bank's expert on pension provision, Chaba Fexer, analyzed multi-level pension systems, existing problems in pension provision, and gave his recommendations on ways to eliminate them and further improve the current system, as well as based on the best practices of the countries that implemented pension reforms.

International Labour Organization expert Pascal Annik and Asian Development Bank expert Michael Cohen noted that the registration of citizens' labor activity depends on the demographic indicators of the population and the income and expenses of the Pension Fund on the provision of decent pensions to citizens, and when developing the draft concept, special attention should be paid to these indicators.

The main objectives of the seminar are:

discussing problems and opportunities in the pension system with international financial organizations, leading partner countries and local experts. In this process, by studying best practices, forming new ideas, and analyzing effective methods from different countries, identify best practices in reforming the pension system;

New opportunities will be created for bringing the pension system of Uzbekistan in line with global standards, ensuring financial stability and strengthening social justice, taking into account economic and social priorities;

defining common strategies for reforming the state pension system and discussing the mechanisms necessary for their implementation. To this end, it is planned to strengthen the social protection of citizens and develop comprehensive approaches to reducing poverty in old age.

This seminar plays an important role in reforming the pension system of Uzbekistan and serves as a platform for the exchange of experience.

This seminar continues its work.

It should be recalled that the task is set to develop and submit to the Administration of the President of the Republic of Uzbekistan a draft concept for reforming the state pension system by March 1, 2025.

Information Service

Ministry of Economy and Finance