Thursday, 20, June, 2019

Finances

The Asian Development Bank (ADB) has appointed Ms. Cindy Malvicini as its new Country Director for Uzbekistan. Ms. Malvicini will lead ADB operations in Uzbekistan and supervise the development and  implementation of the bank’s Country Operations Business Plan for 2019–2021 and the Country Partnership Strategy.

Fitch Ratings has assigned Uzbekistan Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'. The Outlooks are Stable, the agency said.

Residents of three cities in Uzbekistan will benefit from improved municipal services and urban infrastructure, thanks to the Medium-Size Cities Integrated Urban Development Project, approved today by the World Bank’s Board of Executive Directors. The project will be supported by a $100 million loan from the International Bank for Reconstruction and Development (IBRD, a member institution of the World Bank Group).

The Uzbek Senate has approved the 1.1% of GDP deficit state budget for 2019 at its 17the session on Thursday. The 2019 draft budget, passed this week by the Legislative Chamber, was presented by the Deputy PM/Minister of Finance Jamshid Kuchkarov.

The French IDEMIA will help Uzbekistan to launch its first FinTech lab, which enable people to create and test new technologies together with a pool of partners and experts.

The Ministry of Finance presented the Citizens Budget for the draft 2019 state budget, prepared as part of the joint project with UNDP “Promoting Public Finance Management Reform in Uzbekistan” with the financial support of the British Embassy.

Uzbekistan plans to obtain its sovereign credit rating by the year-end, and in Q1 2019 to issue eurobonds, Deputy PM/Finance Minister Jamshid Kuchkarov said.

The Board of Directors of the French Development Agency (AFD) has approved a loan of 150 million euros to Uzbekistan to finance state budget spending, the draft presidential decree said.

This statement summarizes discussions between the authorities and IMF staff in Tashkent during October 30-November 8, 2018. A previous round of discussions took place in July 2018. The authorities have continued to press ahead with economic and social reforms on all fronts. The discussions focused on the economic outlook, especially for inflation, the 2019 budget, reducing credit market segmentation, improving statistics, and better coordinating technical assistance.

A delegation of the European Investment Bank headed by the EIB Vice President Vazil Hudák will take part in the First International Tourism Investment Forum (MIF) in Tashkent on 19-21 November 2018.