Paul O'Neill's Meeting with President Islam Karimov of Uzbekistan - 2002-07-17

Paul O'Neill, the U.S. Treasury Secretary, stated that Washington is assisting Uzbekistan in its efforts to reform its economy. In a joint press conference today, following O'Neill's meeting with President Islam Karimov in Tashkent, O'Neill mentioned that the Uzbek leader assured him that his country is consciously and swiftly moving towards the declared goals and policies. Uzbekistan has been under pressure from the international community to implement economic reforms, particularly to liberalize its currency exchange rates. Experts believe that the lack of a free exchange rate has led to the emergence of a black currency market and has hindered foreign investment. Islam Karimov stated that he aims to implement currency convertibility by the end of this calendar year. Paul O'Neill arrived in Uzbekistan from Kyrgyzstan on Tuesday and noted that his meeting with the Uzbek President provided an opportunity to discuss Uzbekistan's economic developments. The U.S. Treasury Secretary expressed that he discussed the need to expand private investment in Uzbekistan with the country's President. O'Neill's eight-day trip to Ukraine, Kyrgyzstan, Uzbekistan, and Georgia is nearing its conclusion.