Tuesday, 21, August, 2018

Finances

World Bank Vice President for Europe and Central Asia Cyril Muller reconfirmed the World Bank Group’s strong commitment to support Uzbekistan as it goes through a major economic and social transformation, and encouraged Uzbek authorities to maintain the impressive pace and scope of reforms.

The Government of Uzbekistan issued a resplution approving the roadmap for 2018 aimed at financial improvement and boosting the efficiency of the companies that are part of UzbekEnergo, according to Norma.uz.

Starting from July 2, the Central Bank of Uzbekistan will be issuing 50 (fifty), 100 (one hundred), 200 (two hundred), 500 (five hundred) soum coins into circulation, the Central Bank published the design of coins.

There should be no rush to adopt the new tax concept, President Shavkat Mirziyoyev said at government meeting devoted to tax reforms last week. He noted the importance of taking into account foreign experience and the proposals made by international organizations.

Uzbekistan’s transformational economic reforms, aimed at improving people’s lives, will be supported by a US$ 500 million development policy financing loan, approved today by the World Bank’s Board of Executive Directors.

The Asian Development Bank’s (ADB) Board of Directors has approved a $300 million policy-based loan to help improve economic management in Uzbekistan, which will help support macroeconomic stability and sustain high growth in the country.

This week, Mr. Guangzhe Chen, World Bank’s Senior Director for the Water Global Practice, paid a two-day visit to Uzbekistan to deepen cooperation with the Government in support of water resource management. His visit also included a review of the existing portfolio of projects supported by the World Bank in Uzbekistan designed to improve coverage and quality of water supply and sanitation services, as well as irrigation efficiency.

The world’s first ever international Uzbek Soum- denominated bonds were today listed in the Main Market of the London Stock Exchange. The landmark bond issuance from IFC, a member of the World Bank Group, paves the way for the opening of the global Samarkand bond market to support financing of companies from Uzbekistan while raising the profile of the Uzbek Soum internationally.

A syndicated loan of up to USD 20 million to Ipak Yuli Bank comprising an A Loan of up to USD 10 million to be provided by the EBRD and a B Loan for up to USD 10 million to be attracted on a best effort basis. If successful, this will be the first syndicated loan arranged by the Bank in Uzbekistan in the Financial Institutions sector. The loan will be accompanied by Technical Cooperation (TC) funds.

The Asian Development Bank’s (ADB) Trade Finance Program (TFP) held its second TFP Bank Twinning program in Central Asia between Ameriabank from Armenia and Hamkorbank from Uzbekistan.