Tashkent, Uzbekistan, July 22, 2008—IFC,
a member of the World Bank Group, has conducted the first international
conference in Tashkent, Uzbekistan, on introducing a regulatory impact
assessment system. This will enable an accurate assessment of the impact
of regulatory changes in the country, helping create a regulatory environment
that better serves private and public institutions.
The event was conducted in collaboration
with key Uzbek ministries and agencies. It was attended by international
experts from Bulgaria, Mexico, Russia, and the United Kingdom, who delivered
presentations on the importance of regulatory governance and shared their
worldwide perspective and experiences. Representatives from partner organizations,
government ministries, and regulatory agencies also participated.
“This conference has created a forum
for all stakeholders to develop specific actions that will help introduce
a regulatory impact assessment system in Uzbekistan,” said Vsevolod Payevskiy,
Project Manager for the IFC Uzbekistan Business Enabling Environment Project.
A regulatory impact assessment system
represents an advanced mechanism to develop, adopt, and control implementation
of legislative documents. It enables state regulators to assess the effects
of adopted legislation on the country’s socioeconomic environment. The
goal is to create stable, transparent, and efficient legislation. The system
was introduced in the early 1980s and is currently being implemented in
more than 30 countries, such as the Republic of Korea, Latvia, Mexico,
and the United States. It uses a variety of economic analyses, including
cost benefit or cost-effectiveness methods, to examine government regulations.
A draft agreement between IFC and Uzbekistan
to introduce the system is under consideration by the government. Some
institutional and legislative elements of the system are already in use
in the country.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC's vision is that people should have
the opportunity to escape poverty and improve their lives. In FY07, IFC
committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.