Uzbekistan: Public Investment Management Assessment Update with the Climate Module

This technical assistance assessed Uzbekistan’s public investment management practices and their climate sensitivity using the Public Investment Management Assessment (PIMA) with the Climate Module (C-PIMA). The assessment found that Uzbekistan has made important progress in strengthening public investment management since 2020, with the introduction of fiscal rules and improvements in project appraisal, selection, monitoring and management of PPP related fiscal risks. Uzbekistan’s public investment management institutions compare well with its peers, though there is room for improvement. In particular, planning and allocation processes remain fragmented with parallel investment procedures for domestic and externally financed projects. Implementing further reforms to improve strategic planning, align investment procedures across funding sources, enhance the PPP selection process and strengthen capital budgeting processes, including for maintenance, would be especially beneficial. Integrating climate considerations into existing processes would also enhance the resilience of public investment.