Uzbekistan

Uzbekistan: IMF paints positive picture despite headwinds

  • Concluding statement following IMF's Article IV mission is reasonably positive despite impact of war in Ukraine

  • Growth revised down, primarily due to heavy dependence on remittances from Russia, and inflation high but stable

  • But policy space (low public debt, strong liquidity buffers) may help to mitigate the economic impact; assign Buy

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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

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