Wednesday, 24, April, 2024

Finances

As reported earlier, the May 12 Presidential Decree approved the Uzbekistan’s Banking System Reforming Strategy for 2020-2025.

President Shavkat Mirziyoyev yesterday signed the Uzbekistan’s Banking System Reforming Strategy for 2020-2025 Decree.

The Central Bank expects a drop in GDP growth rates in 2020 to 1.5–2.5% due to a decrease in economic activity as a result of the coronavirus pandemic compared to 5.2–5.5% previously projected. Data provided in the review of the monetary policy regulator for the I quarter, the CB said in a report.

Twenty public-sector officials from Uzbekistan successfully passed the second of three levels of the Certified Public-Private Partnership Professional (CP3P) program; a platform that helps PPP practitioners deliver better projects. This program was developed by the World Bank Group and other leading development finance institutions and is administered by APMG International, a London-based examination institute.

The World Bank’s Board of Executive Directors approved today $200 million in additional development policy financing to support Uzbekistan’s ongoing health, social, and economic policy responses to the crisis caused by the COVID-19 pandemic. This financing will provide additional money for the government’s budget amidst a large decline in tax revenues and an unanticipated increase in expenditures to cover anti-crisis measures.

At the Ministry of Investment and Foreign Trade was held a video conference with L. Pavlova, Vice President of the European Investment Bank (EIB).

The World Bank approved a $95 million financing package to support Uzbekistan’s immediate response to the impacts of COVID-19 on the health and well-being of its citizens. The financing will be used to strengthen life-saving medical systems, as well as to provide income support to poor and vulnerable people affected by the economic consequences of the pandemic.

Uzbekistan plans to draw grants from the Japanese government to purchase the necessary medical equipment to counter the coronavirus pandemic, the Ministry of Investment and Foreign Trade (MIFT) said in a statement.

Georgian TBC Bank has obtained the full banking license, following the board of the Central Bank issuing resolution on April 11, the Central Bank said.

The Asian Development Bank (ADB) has approved a $60 million loan that will help improve and expand solid waste management (SWM) services in small urban and rural areas across Uzbekistan, as well as promote environmental sustainability.

Domestic businesses, including small and medium-sized enterprises (SMEs), in Central Asia’s most populated country, Uzbekistan, will be able to continue their business activities despite the outbreak of the coronavirus pandemic, thanks to a new trade finance facility provided by the EBRD to three local banks.

The Capital Market Development Agency of Uzbekistan intends to become the signatory of the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information of the International Organization of Securities Commissions (IOSCO MMOU) by the year-end.

Uzbekistan banks on the evening of April 14 raised the USD to UZS exchange rate to over 10 thousand soums. If earlier in the day, banks were buying USD at 9750–9840 soums range and were selling for 9850 soums, then by 8-00 PM most banks increased the rates to 10,050 and 10,150 soums, respectively.

The Central Bank of Uzbekistan has cut its interest rate by 1 percentage points to 15% per annum, the regulator said. The decision was taken at an extraordinary meeting of the Central Bank on Monday.

IFC, a member of the World Bank Group, held a webinar on stress-testing for Uzbekistan’s financial institutions as part of its response to the impact of the COVID-19 pandemic. Seven local banks participated in the virtual session aimed at equipping them with knowledge and tools to urgently respond to unforeseen disruptive events.

The Uzbekistan Minister of Investment and Foreign Trade Sardor Umurzakov in videoconference talks with the President of the Islamic Development Bank (IsDB) Bandar Hajjar discussed the issues of cooperation in order to support and strengthen the capacity of the Uzbek public healthcare system in the backdrop of the outbreak of coronavirus and mitigating the effects of the global pandemic on the economic growth in Uzbekistan.

Uzbekistan’s growth will slow in 2020 due to the COVID-19 pandemic and a lower price for natural gas and copper, but higher investments coupled with gains in industry and agriculture are expected to fuel a recovery in 2021, a new Asian Development Bank (ADB) report says.

Asian Development Bank (ADB) President Masatsugu Asakawa and Uzbekistan’s Deputy Prime Minister, Minister of Investments and Foreign Trade and ADB Governor Sardor Umurzakov today discussed how ADB can support Uzbekistan in its fight against the COVID-19 pandemic.

The World Bank’s Board of Executive Directors approved today a $500 million financing package for implementation of the Agriculture Modernization Project in Uzbekistan.

In 2020, Uzbekistan will take steps to borrow up to $ 1 billion from international financial institutions through soft loans and other sources to support the budget.