During the negotiations, an exchange of views took place regarding the updated financing mechanism for this program, namely, financing programs primarily from public funds, and depending on the results achieved, attracting WB loans.

The COA positively assessed this approach and emphasized that it contributes to increased transparency, accountability and efficiency.

The COA’s deputy chairman S. Mirzayev noted in his speech that this mechanism is fully consistent with the processes of transition to an audit system based on international standards currently implemented in Uzbekistan.

In particular, it was discussed in detail that over recent years the COA has introduced performance, compliance and financial audit, launched a system for remote receipt of audit information, carried out work to increase the capacity of the COA’s employees and expanded cooperation with the Supreme Audit Institutions of a number of foreign countries.

The Parties also agreed to conduct an audit based on international standards when financing such projects. This will further increase the effectiveness of public financial control.

This meeting is one of the steps aimed at strengthening cooperation between the COA and the WB, ensuring rational and result-oriented management of public funds.