Monday, 06, February, 2023

Finances

Memorandum of Understanding was signed at the Ministry of Investments, Industry and Trade of Uzbekistan between the European Bank for Reconstruction and Development and Uzbekistan on the holding of the 32nd annual meeting of the Board of Directors of EBRD on May 16-18 this year in the city of Samarkand.

At today’s BOD meeting, the Central Bank decided to keep the interest rate at 15% per annum, the press service of the Bank said.

Moody's Investors Service ("Moody's") has today upgraded the Government of Uzbekistan's long-term issuer and senior unsecured ratings to Ba3 from B1 as well as the senior unsecured MTN program ratings to (P)Ba3 from (P)B1, and changed the outlook to stable from positive.

In the first nine months of 2022, Uzbekistan’s public debt reached $26.2 billion. In Q3, it rose by about $300 million, but overall year-to-date it has decreased by $100 million, the Ministry of Finance said in a report.

A new digital bank, Smart Bank, has been registered in Tashkent, the Central Bank said on Wednesday. The Bank was issued a license for the right to carry out banking activities by a resolution of the Board of the Central Bank.

The Finance Minister Timur Ishmetov addressed the meeting of the Legislative Chamber and spoke about an important change in the tax policy for 2023.

The Asian Development Bank (ADB) has signed a financing package of up to $8.39 million with Nephrocare Health Services Central Asia (NephroPlus) to set up four dialysis centers through a public-private partnership (PPP), the ADB press office said.

The World Bank approved the “Advancing Uzbekistan's Economic and Social Transformation Development Policy Operation,” which supports the continued implementation of economic and social reforms in Uzbekistan. These reforms will help support an inclusive transition to a private-sector-led economy by strengthening market institutions and ensuring all citizens take part in the benefits of economic growth. 

The Asian Development Bank (ADB) has lowered its economic growth forecasts for developing Asia and the Pacific amid a worsened global outlook.

The Minister of Finance issued the Recognition of international financial reporting standards and texts of explanations to it for the purpose of their application on the territory of the Republic of Uzbekistan Order.

Resuming full-fledged operation of Russian Mir cards in Uzbekistan is still being studied, and no related regulatory documents have been issued, a representative of the country's Central Bank told RIA Novosti on Friday.

The European Bank for Reconstruction and Development (EBRD) continues to invest in renewable energy power generation and low-carbon technologies in Uzbekistan, to help align the country’s power-sector development with its commitments under the Paris Agreement.

Agreement on privatization of Ipoteka-Bank was signed by the CEO of the Hungarian OTP Bank Sándor Csányi and the Deputy CEO László Wolf, as well as the Uzbek Finance Minister Timur Ishmetov and Deputy PM/Minister of Investment and Foreign Trade Jamshid Khodjaev, the Ministry of Finance said.

The European Bank for Reconstruction and Development (EBRD) is supplying fresh funds and creating new growth opportunities for grassroots businesses in Uzbekistan by providing a financial package of US$ 10 million to one of the country’s largest private lenders, Ipak Yuli Bank.

Tokyo hosted a meeting was held between the Director General of the Agency for Strategic Reforms of Uzbekistan Shukhrat Vafayev and the Chairman of the Japan Bank for International Cooperation (JBIC) Nobumitsu Hayashi.

Uzbekistan’s national debt as of July 1, 2022 topped $26 billion, or 35.1% of the gross domestic product (GDP). According to the Ministry of Finance, Uzbekistan’s national debt decreased by $300 million compared to the same period in 2021. While, national debt to GDP decreased from 38% at the end of 2021 to 35.1% in the first half of 2022.

In addition, a memorandum of understanding was signed with the Uzsuvtaminot company to develop access to drinking water in the provinces. The Board of Directors of the AFD approved 160.9 million euros of funding to finance drinking water infrastructure in Tashkent and Fergana provinces. AFD and Uzsuvtaminot are also working to complete the evaluation of a similar project for Kashkadarya province.

The Deputy Prime Minister/Minister of Investments Jamshid Khojaev hosted the Managing Director for Central Asia of the European Bank for Reconstruction and Development (EBRD) Zsuzsanna Hargitai and the head of the EBRD office in Uzbekistan Alkis Drakinos.

Today, at the Kuksaroy residence, the President Shavkat Mirziyoyev met with the president of the European Bank for Reconstruction and Development, Odile Renaud-Basso, who landed in Uzbekistan to attend the first meeting of the Foreign Investors Council and the Samarkand Conference on Interconnectivity between the EU and Central Asia.

To help build the digital economy in Africa, Middle East, Central Asia, and Pakistan, IFC has launched a new $225 million platform to strengthen venture capital ecosystems and invest in early-stage companies addressing development challenges through technological innovations in climate, health care, education, agriculture, e-commerce, and other sectors.