Tuesday, 23, July, 2019

Finances

World Bank Vice President for Europe and Central Asia, Cyril Muller, commended the Government of Uzbekistan for accelerating social and economic reforms to improve people’s living standards. Visiting Uzbekistan on July 18-19, Mr. Muller met with the country’s President and senior government and parliamentary officials to discuss new and existing areas of World Bank financial and technical assistance.

On July 17, 2019, the World Bank’s Chief Suspension and Debarment Officer (the “SDO”) imposed a three-year debarment with conditional release on OOO Fides Solutions (“Fides Solutions”) and Mr. Ravshan Rizametov (“Mr. Rizametov”) pursuant to a Notice of Uncontested Sanctions Proceedings in Sanctions Case No. 588.

With trade wars and sluggish growth making goldbugs of central bankers around the world, one country wants to buck the trend.

Uzbekistan may tap global debt markets with a second dollar-denominated Eurobond this year after investors lapped up a debut sale in February.

First judicial success in the case of ill-gotten property. The final decision of the French justice, on Tuesday morning, paves the way for a return to Uzbekistan the property owned in France by the daughter of the late President Islam Karimov. The culmination of a long judicial investigation, unique in its kind, RFI said.

The World Bank’s Board of Executive Directors today approved a $50 million credit from the International Development Association (IDA) for the Strengthening the Social Protection System Project.

Uzbekistan’s total external debt  reached 19.1 billion dollars as of April 1, 2019, recording 10.3% or US$ 1.8 billion increase from the beginning of the year, the Central Bank said.

The Government issued the Measures to Improve the Use of Electronic Invoices in the Settlements System. In accordance with the resolution, from July 1, 2019, the execution, storage and registration of electronic invoices will be voluntary in Uzbekistan, while from January 1, 2020 it will become mandatory for all businesses.

The International Finance Corporation (IFC) will buy stake in Ipoteka Bank and will help reform the bank, the Ministry of Justice said referring to the Cabinet’s resolution of June 25.

The Uzbek Ministry of Finance has prepared a draft resolution of the Cabinet of Ministers, which proposes to abolish state regulation of prices for bread, some medicines and mineral fertilizers.