Uzbekistan’s Reforms:

A New Equation for Inclusive Growth and Cooperation

By Christine Lagarde, IMF Managing Director 
Central Bank of Uzbekistan —Tashkent, Uzbekistan

May 17, 2019

As prepared for delivery

Introduction & Theme

Ladies and Gentlemen: Good morning! Assalom-Aleykum!

Governor Nurmuratov, thank you for that generous introduction. First Deputy Chairman Ishmetov, thank you for welcoming me today. It is a pleasure to be with all of you.

Before I arrived yesterday, I was told about a famous Uzbek proverb: “ A guest is greater than the father.

As a guest in your country, I can say with confidence the hospitality of the people of Uzbekistan rivals that of anywhere in the world. All of us at the IMF are grateful. I did notice, however, this beautiful proverb makes no mention of where the mother stands in the hierarchy. I would like to think that she has a place of prominence at the very top. I will come back to this idea.

Now, of course, in addition to hospitality, there is another thing that one immediately thinks of when they arrive in Uzbekistan — historyFor nearly 1,000 years, this landlocked region was a hub of trade and transformation. It was in Tashkent, Samarkand, Bukhara, the Ferghana Valley, and many other places all around us that the Silk Road grew from a simple trading route into a place that captured the world’s imagination.

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Seven Leadership Trends for 2018

Author: Gottfried Feyen, Contributor
Opinions expressed by contributors are their own.

2018 is around the corner, and 2017 ends shortly. Questions on how to better manage human capital have topped leadership conversations all around the world, which is a great thing. Also, one word you should keep in mind for the upcoming year is simplicity.I am no fortune teller, but I believe that the following are the seven leadership trends for 2018.


Shutterstock | Forbes

1) Keep it simple
Over the past three years, the importance to move away from complex structures and simplify organisations became clear to me. Not only it will help companies to be better equipped to face the challenges of the fast-paced markets, but it will also help employees to focus more on practical and rewarding tasks. For more insight on this topic, you should have a look at the Deloitte’s Global Human Capital Trends report.

2) Redesign your management style
Paying extra attention to your performance management process is what is going to make your organisation stand out in the next couple of years. It is crucial to establish communication in which leaders outline what they expect from their employers regarding goals and ways to measure their completion to achieve this success, Indeed a goal-oriented strategy gives employees clarity and a higher motivation to achieve their goals.

3) Invest in ‘human capital.’
The “Overwhelmed Employee” syndrome has been an enormous issue in companies stuck in an old generation mid-level management for years. In addition to that, the arrival of young workers thirsty for meaningful projects to work on is a factor to take into account certainly. Corporations need to invest more time into creating space for their employees to give them honest feedback (anonymous surveys might be an option). Not only, but it will also help them to achieve better success and to retain their workforce who will feel supported.

4) Do less, lead more
HR and managers have increasingly become process designers. Leadership and management problems are simple by nature and what we as leaders need to do is to use trial and error methods in our managing style. We do this by letting our employees make more decisions and accepting that they might not get it right the first time. Our ability to do less and lead more makes us better leaders.

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