Saturday, 27, July, 2024
Saturday, 27, July, 2024
In new report The State Strikes Back, EBRD says strong institutions and good governance key to successful future. As the coronavirus pandemic sparks calls for more state intervention, emerging economies face tough choices to determine whether an increased role for government will have positive or negative long-term consequences.
The Cabinet of Ministers issued the Drawing US$ 200 million from the Asian Development Bank to Support the Budget of the Republic of Uzbekistan in the Implementation of Reforms in the Electricity Sector Resolution.
The National Venture Fund UzVC was established by a Resolution of the Cabinet of Ministers on November 3, Norma.uz reported.
On October 22, the Central Bank decided to keep the interest rate at 14% per annum. “This decision is aimed at keeping positive real interest rates, ensuring a balance between creating favorable conditions for further recovery of economic activity and the formation of stable preconditions for a further slowdown in inflation rates in the medium term against the background of a temporary surge in short-term inflation risks,” the Central Bank said.
Afghanistan and the Asian Development Bank in the presence of a government delegation of Uzbekistan on October 20 signed the US$ 110 million Surkhan-Puli-Khumri power line finance agreement, the Uzbek Ministry of Investment and Foreign Trade (MIFT) reported.
The European Bank for Reconstruction and Development (EBRD) has wound back forecasts for the emerging economies where it invests, after measures to contain the impact of the coronavirus lasted for longer than previously anticipated.
IFC, a member of the World Bank Group, kept supporting private sector growth in Uzbekistan throughout the past year, helping to cushion the impact of the COVID-19 pandemic on businesses, while sustaining the economy and protecting jobs.
President Shavkat Mirziyoyev signed the intergovernmental treaty between Uzbekistan and Germany on the creation of a local bureau of the Credit Institute for Economic Recovery (KfW) in Tashkent.
The European Bank for Reconstruction and Development (EBRD) is supporting the business activity of local small and medium-sized enterprises (SMEs) in Uzbekistan affected by the coronavirus pandemic. The latest US$ 40 million finance facility, extended to the country’s fourth largest lender, Ipoteka Bank, will also provide support to women-led businesses.
The Tax Convention between Uzbekistan and Japan will take effect on October 17. The document of accession was signed in December last year by the Foreign Minister Abdulaziz Kamilov and Japanese Ambassador Extraordinary and Plenipotentiary to Uzbekistan Yoshinori Fujiyama, the press service of the Japanese Embassy said in a statement.
The European Union provided over 2 million euros for a project focused on effective, rapid, and coordinated response to COVID-19 in Uzbekistan.
The Asian Development Bank (ADB) today approved a $200 million policy-based loan to strengthen Uzbekistan’s power sector by improving its financial sustainability and ensuring adequate investment in critical infrastructure.
Deputy Prime Minister/Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov in the format of a video conference held talks with the President of the Islamic Development Bank (IDB) Bandar al Hajjar.
Uzbekistan’s external debt topped US$ 27.6 billion as of July 1, 2020, having increased by 12.7% or by US$ 3.1 billion YTD, the Central Bank said in a report.
An International Monetary Fund mission, led by Mr. Ron van Rooden, conducted a virtual staff visit to Uzbekistan during August 24–September 17, 2020, to discuss economic developments and policies. At the end of the mission, Mr. van Rooden issued the following statement:
The European Bank for Reconstruction and Development (EBRD) is scaling up its support to small and medium-sized enterprises (SMEs) in Uzbekistan, where they create about 50 per cent of GDP and employ almost 80 per cent of the workforce.
Small and medium-sized enterprises (SMEs) in Uzbekistan as well as domestic companies active in international trade will have additional funds available for their operations, thanks to a new financing programme offered by the European Bank for Reconstruction and Development (EBRD) to Bank Ipak Yuli, the country’s major privately owned lender.
The Board of the Central Bank on Thursday cut the interest rate by 1 percentage point to 14% per annum. This decision was due to the projected slowdown in the inflation, to the need to maintain positive real interest rates in the economy, as well as to achieve a balance between the inflation target and the maintenance of economic activity in the light of the pandemic,” the regulator noted.
The Asian Development Bank (ADB) and the United Nations Children’s Fund (UNICEF) delivered to the Ministry of Health of Uzbekistan another batch of supply worth $952,000.
After the lockdown measures were relaxed, the flow of funds to banks increased, the Deputy Chairman of the Central Bank Behzod Khamroev said at a press briefing Monday, adding that cash flow could catch pre-lockdown figures in the next 1-2 months.