The UNDP Country Office in Uzbekistan held a meeting of the Coordination Council for Capital Market Reforms with the participation of representatives of ministries, departments, and representatives of the IFIs. The event was held jointly by the Senate of the Oliy Majlis of the Republic of Uzbekistan, the Capital Market Development Agency with UNDP support.

During the meeting, participants discusses key aspects and problems of capital and financial market development. A situational analysis of the financial market of Uzbekistan conducted with support of the UNDP project revealed several significant problems, including imperfect legislation and regulatory framework, the low liquidity of the local market, the lack of major financing tools, poor development of trade mechanisms and others.

The analysis helped develop recommendations for creating a capital market ecosystem to achieve the following results:

- creating financial centers in the regions with special benefits for their members;

- increasing the number and quality of financial market players, primarily foreign investment banks, management and investment companies;

- developing the stock exchange and raising public awareness about the opportunities and prospects of the Uzbek capital market.

One of the main activities of the Council is to formulate a common development policy, enabling to avoid duplication and contradiction of initiatives of the parties involved. It is planned that the Coordination Council will facilitate the implementation of reforms in the financial sector of Uzbekistan and coordinate activities of international financial institutions, international and domestic consultants aimed at developing an integrated development strategy.