Wednesday, 22, May, 2019

Finances

The Asian Development Bank (ADB) has approved a $170 million loan to help improve Uzbekistan’s railway fleet through the procurement of 24 state-of-the-art electric locomotives. The new locomotives will enhance the performance of the railway system by offering cleaner, more reliable, and efficient passenger and freight transport services.

Managing Director of the International Monetary Fund (IMF) Christine Lagarde arrived on a visit to Uzbekistan. “Christine Lagarde is now holding talks at the Ministry of Finance,” the finance ministry said.

On May 6, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Uzbekistan.

Douglas Frye, senior loan specialist at the Export-Import Bank of the United States, will pay a working visit to Uzbekistan on May 15-19, the Foreign Ministry said.

The Central Bank of Uzbekistan and Visa signed a Memorandum of Understanding (MoU) for implementation of Uzbekistan’s digital payment infrastructure development programs, the Central Bank reported.

The Government of Uzbekistan issued a resolution “On measures to implement the project “Modernization of the water supply and sewage system of Khorezm province” with the participation of the European Bank for Reconstruction and Development”.

Fitch Ratings has affirmed Uzbekistan’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB-’. The Outlook is Stable.

The ADB Vice-President Shixin Chen and Uzbekistan Deputy Prime Minister and ADB Governor, Mr. Elyor Ganiyev, signed loan agreements for the Horticulture Value Chain Infrastructure Project and the Second Tashkent Province Water Supply Development Project on 4 May during their bilateral meeting at ADB Annual Meeting in Fiji.

A meeting with the UAE delegation headed by the Minister of Energy and Industry Suhail al-Mazroui was held at the Ministry of Finance.

Uzbekistan currently has a unique demographic window of opportunity as 500,000 youths will annually add to the labor supply over the next years. Successfully integrating these job seekers to the labor market could transform Uzbekistan into the rapidly growing and diversifying economy. However, the country still needs to push on-going reforms forward, according to ADB’s country diagnostic study on Uzbekistan.