Tuesday, 24, April, 2018

Finances

The EBRD provided US $ 30 million to the fourth largest financial institution in Uzbekistan, Joint-Stock Commercial Mortgage Bank Ipoteka-Bank (the "Ipoteka-Bank"). The financing package consists of US $ 25 million credit to support micro, small and medium-sized businesses (MSMEs) and a trade finance limit of up to US $ 5 million under the EBRD's Trade Facilitation Program (TFP) was signed in Tashkent.

At least 50 officials were sacked from the Uzbek finance ministry Saturday. Among the sacked are Irina Golysheva (head of Department of taxes and customs tariff), Sh.Haydarov (head of accounting and audit methods) and A. Abdullaev (head of Financing development of industrial, fuel-energy sector and geology and tariff regulation management), and at least two deputy heads of departments, KUN said.

On December 20, 2017, Shavkat Mirziyoyev signed Measures to Further Enhance Effectiveness of Cooperation with International and Foreign Financial Institutions Decree.

The EBRD is stepping up its reengagement in Uzbekistan with the provision of a financial package of up to US$ 30 million to JSCB Hamkorbank, the country’s largest privately-owned commercial bank.

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.