Tuesday, 23, January, 2018

Finances

The inflation rate in Uzbekistan is forecasted at about 14% in the year-end, and at 12-13% in 2018, Deputy PM/ Finance Minister Jamshid Kuchkarov announced at the 13th plenary session of the Senate on Wednesday, presenting the draft state budget for 2018.

The Uzbek Senate, at the 13th plenary session on Wednesday approved the 0.02% surplus (or 59 billion soums) to GDP state budget for 2018. The draft document was presented by the Deputy PM/Finance Minister Jamshid Kuchkarov.

Sodiq Safoev, the First Deputy Chairman of the Senate of Uzbekistan and EBRD Governor for Uzbekistan, addressed the EBRD Board of Directors in London on Wednesday. It was the first high-level visit of a Uzbek official since the resumption of the Bank’s full operations in the country in November 2017.

The Asian Development Bank’s (ADB) Board of Directors has approved a $450 million loan to help install between 850 to 950 megawatts (MW) in additional generation capacity in the Talimarjan thermal power plant (TPP) using combined cycle technology, which will help improve power generation efficiency and energy security in Uzbekistan.

Uzbek Statistics Committee for the first time released monthly consumer price inflation. In November, consumer prices for goods and services increased by an average of 2%, including food - by 1.5% (faster than in November 2016 – 0.8% ), non-food - by 3.4% and services - by 0.5%.  Consumer prices for fruits and vegetables in November was influenced by the seasonal factor.

In 2000-2015, the electricity consumption in Uzbekistan increased from 46.8 billion kWh to 57.5 billion kWh. It is estimated that by 2020 the country will consume by 25% more or 71.8 billion kWh of electricity. The current installed capacity of the country's power plants is 12,994 MW, including 12,514 MW of installed capacity of 39 thermal and hydroelectric power plants of SJSC Uzbekenergo.

The Asian Development Bank’s (ADB) Board of Directors has approved a $45 million loan to help improve the quality of rural primary healthcare services in Uzbekistan. The project will help expand the scope of service delivery and bring those new services closer to the people.

Uzbekistan and South Korea signed over US$2.7 billion worth of finance deals during the state visit of the President Shavkat Mirziyoyev to the Korea Republic.

UzPromStroyBank and Korea Eximbank signed an addendum to the general inter-bank agreement. Korea Eximbank boosted its partnership with  UzPromStroyBank raised the credit line of $10 million to $30 million.

On January 1, 2018, Uzbekistan will transition to the international method of calculating the inflation rates. It is one of the government’s steps of transitioning to the inflation targeting system, the first deputy chairman of the Central Bank (CB) Timur Ishmetov said yesterday at a meeting of the International Press Club.