Joint Statement

of the Government and Central Bank of Uzbekistan

and the mission of International Monetary Fund

Tashkent

June 25, 2002

During the period June 12-25, 2002, a mission of the International Monetary Fund headed by Mr. Erik De Vrijer visited the Republic of Uzbekistan.

The mission has conducted a review of the implementation of the Staff Monitored Program (SMP), which was described in the Memorandum of Economic and Financial Policies for the Period January 1- June 30, 2002.

The parties state the following:

1. Significant progress has been made in implementing the SMP. The mission has found that monetary and fiscal policies are on track. Also, all measures set as structural benchmarks under the program for end June, 2002 have been taken.

2. In order to enable IMF staff to assess the sustainability and irreversibility of the reforms, the Uzbek authorities understand the necessity to extend the monitoring period of the program for an additional 2 months.

3. Our joint efforts in the period ahead will also be focused on elaborating the main elements of an economic program for the remainder of 2002 and 2003 that could be supported by a financial arrangement with the IMF.

We expect that upon achieving all objectives under the SMP, a financial program can come into effect from the fourth quarter of 2002.