Tuesday, 22, October, 2019

Finances

The Asian Development Bank (ADB) has approved a $60 million loan to construct hydropower plants (HPPs) capable of adding 25 megawatts (MW) capacity, which will help the Government of Uzbekistan achieve its goal of diversifying the country’s energy mix through greater use of clean energy sources and lowering carbon emissions.

The Asian Development Bank (ADB) has approved a $150 million loan to Uzbekistan to increase the access of livestock farmers and entrepreneurs to finance, markets, and veterinary and other animal health services, which will help increase their productivity and contribution to the national economy.

The European Investment Bank and the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan signed today in Tashkent a Memorandum of Understanding paving the way for a EUR 100m investment program designed to join in international efforts to recover the Aral Sea.

The volume of Uzbekistan's total external debt as of July 1 reached US$ 20.7 billion, recording a 20% or US$ 3.4 billion increase year-to-date, the Central Bank said in a report.

President Shavkat Mirziyoyev today signed the Improving Uzbekistanis Tax Policy Decree cuttıng the value added tax (VAT) from 20 to 15% as of October 1, a source in the government told the Tashkent Tımes.

The Central Bank of Uzbekistan has joined the Maya Declaration, a global initiative for responsible and sustainable financial inclusion that aims to reduce poverty and ensure financial stability for the benefit of all., the press service of the Central Bank said.

The Uzbekistan Urbanization Agency brought together representatives from various regions of the country and government agencies to learn how sustainable urbanization can improve livability and economic opportunities. The workshop was held in partnership with the Asian Development Bank (ADB) and World Bank (WB).

The value added tax rate is expected to be cut from 20% to 15%. Cutting the VAT to 15%, together with measures aimed at ensuring its neutrality, proposed in the new version of the Tax Code, will boost businesses, the Ministry of Finance said in a statement.

President Shavkat Mirziyoyev instructed the Ministry of Finance to develop specific substantiated proposals to cut the value-added tax at the government meeting on Wednesday, the Uzbekistan 24 said.

RAEX-Europe confirmed the sovereign government credit rating (SGC) of Uzbekistan at ‘BB-’ (Sufficient level of creditworthiness of the government) and at ‘BB-’ (Sufficient level of creditworthiness of the government) in foreign currency. The rating outlook is stable which means that in the mid-term perspective there is a high probability of maintaining the rating score.