Thursday, 13, December, 2018

Finances

Over 240,000 residents in five cities across Uzbekistan are to benefit from improved efficiency and quality of heating and hot water services, thanks to the District Heating Energy Efficiency Project approved yesterday by the World Bank’s Board of Executive Directors. The Project will be financed by a US$ 140 million credit from the International Development Association, a part of the World Bank. 

Official ceremony of signing of the Protocol Amending the Convention between the Government of the Republic of Uzbekistan and the Government of the United Kingdom of Great Britain and Northern Ireland on Avoiding Double Taxation and Preventing Fiscal Evasion with respect to Income and Capital Gains of November 15, 1993 took place in London yesterday.

President Shavkat Mirziyoyev yesterday hosted the World Bank delegation led by the Chief Executive Officer Kristalina Georgieva, the President’s press service reported.

The Central Bank of Uzbekistan on its website announced the main tasks for 2018:  The procedure of purchase and sale of foreign currency by legal entities and individuals is expected to be simplified, In particular, it is planned to allow the withdrawal of foreign currency cash from local cards, with the network of ATMs to be expanded to this end.

Delegation of Credit Suisse bank led by Managing Director Stefan Gerig arrived yesterday in Tashkent. The program of the visit includes meetings and talks in the Government of Uzbekistan, a number of ministries and agencies, banks, state companies to discuss promising cooperation projects.

President Shavkat Mirziyoyev signed Approving the International Treaty Decree Thursday approving the Framework Agreement between Uzbekistan and the European Investment Bank (EIB) on the activities of the bank in Uzbekistan.

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.