Tuesday, 24, April, 2018

Finances

Delegation of the Uzbek Finance Ministry visited Russia from 19 to 21 February. The visit was organized within the framework of implementation of the Memorandum of Technical Cooperation and Cooperation Plan for 2018 concluded between the Ministry of Finance of Uzbekistan and the Federal Treasury of the Russian Federation.


The Uzbek delegation held a meeting with officials of the Federal Treasury of Russia.

The sides discussed the issues related to organization and implementation of internal control, audit and state financial control in the Treasury of Russia.

The Russian side held a presentation on specifics of the organization of internal control and audit in the Federal Treasury. Particular attention was paid to methodology and implementation of a risk-based approach to audit and control activities.

Uzbekistan is planning to sell up to $300 million of Eurobonds this year in a bid to open up to foreign investment. Uzbek authorities signed a memorandum with Citigroup Inc. during a recent visit to New York to develop a road map for obtaining a sovereign credit rating, Finance Minister Djamshid Kuchkarov said in an interview in Tashkent. There is a “high chance” of a bond sale in either dollars or euros this year, he said.

The Asian Development Bank (ADB) has appointed Werner Liepach as the new Director General for its Central and West Asia Department (CWRD).

The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Joint-Stock Commercial Aloqabank (Aloqabank) today signed an agreement to provide loans and support trade in Uzbekistan.

The Ministry of Culture, the Tourism Development Committee of Uzbekistan and the European Bank for Reconstruction and Development (EBRD) signed a Memorandum on Cooperation in the field of tourism and cultural heritage, JAHON reported.

The Board of the Uzbek Central Bank decided to keep the interest rate at 14% per annum. In spite of keeping tight monetary policies and the efforts aimed at minimizing the impact of monetary factors, there was an increased level of inflationary pressure in Q4 of 2017, the Central Bank said.

On 5 February 2018, the IT Development Ministry hosted a meeting with the visiting World Bank mission to discuss preparations of Digital CASA project and issues related to digital development.

Small and medium-sized private enterprises (SMEs) in Central Asia will benefit from a new Regional Small Business Programme (RSBP) launched in Almaty.

A Loan Agreement was signed today in Tashkent between the Republic of Uzbekistan and the Kuwait Fund for Arab Economic Development, whereby the Fund will provide a Loan in the Amount of 9.0 Million Kuwaiti Dinars (equivalent to about US$ 30.6 Million), to the Republic of Uzbekistan, to participate in the financing of the Infrastructure for Rural Housing Project in the Republic of Uzbekistan. It is worth mentioning that the Fund depends exclusively on its own resources in providing its loans and development assistance.

Farmers and agribusinesses across Uzbekistan will receive more technical and financial support, leading to the creation of thousands of new and better jobs, thanks to the Additional Financing Horticulture Development Project approved yesterday by the World Bank’s Board of Executive Directors.