Sunday, 19, August, 2018

Finances

President Shavkat Mirziyoyev, by his December 29 decree, has approved the forecasts of main macroeconomic figures and parameters of the state budget for 2018. Earlier, Mirziyoyev rejected the draft budget approved by the Senate and said that he would personally draft it "focusing on people's welfare".

Bank sector outlooks for the CIS and Georgia in 2018 are mostly stable, helped by a more supportive economic backdrop and steps to reduce asset quality pressure stemming from recessions and currency devaluations in recent years, Fitch Ratings says.

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.