At a news conference on 5 May in connection with the EBRD annual meeting, EBRD Chief Economist Willem Buiter presented the latest version of the bank\'s report on the progress of countries with transition economies, focusing particularly on the situation in Uzbekistan. Buiter noted that foreign investment in Uzbekistan is the lowest -- $6 per capita -- of the Central Asian countries where the bank is active. The EBRD report projects a growth rate of 2.5 percent for the Uzbek economy in 2003 and an inflation rate of 18.4 percent. Quoting these figures, Buiter noted it is difficult to expect progress in the economy without radical reforms. Among the elementary market reforms needed in Uzbekistan, Buiter listed the unification of the currency-exchange rates and the creation of a free market in currency, trade liberalization, the reduction of customs duties, and the development of cross-border trade. He was quoted as saying that the Uzbek state needs to provide social guarantees to its citizens and to develop trade in agricultural products. (Interfax)