Monday, 24, June, 2024

Finances

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.

As part of a complex criminal investigation that has been ongoing for more than six years, the Office of the Attorney General of Switzerland (OAG) has uncovered evidence of a scheme for illegally collecting large sums of money from companies, especially foreign companies, looking to enter or continue their activities on the Uzbek market. As part of the scheme the funds were then laundered abroad, primarily in Switzerland. Based on the investigations, an initial conviction has now been secured and CHF 130 million in forfeited assets will be returned to Uzbekistan.

On 3 June, the Steering Committee of the Multi-partner Human Security Trust Fund for Aral Sea Region (the MPHSTF) reviewed proposals received under its First Call for Proposals.

Uzbekistan’s ongoing economic transformation and market reforms, aimed at increasing jobs and prosperity for all its citizens, will receive further support through a $500 million Development Policy Operation (DPO), approved today by the World Bank’s Board of Executive Directors.

The agency said that Uzbekistan has embarked on a rapid process of economic modernization and integration with the rest of the world, utilizing its strong net external and fiscal asset positions in the process.

A meeting with William McDonald, Deputy Assistant Secretary for Technical Assistance Policy at the U.S. Treasury Department took place at the Uzbek Ministry of Finance on 11 June, the ministry said in a statement.

Uzbekistan’s revised Tax Code will take effect from the next year, said Aziz Umirzakov, the deputy chief of the State Tax Committee (STC).

President Shavkat Mirziyoyev yesterday hosted the president of the European Bank for Reconstruction and Development (EBRD), Sumy Chakrabarti.

First Deputy Minister of Housing and Communal Services Mr. Dilshod Azimov and Country Director of Asian Development Bank’s (ADB) Uzbekistan Resident Mission Ms. Cindy Malvicini signed the memorandum of agreement to advise on public-private partnerships (PPPs) to improve municipal water infrastructure in Samarkand, Bukhara, Namangan and Karshi.

Raiffeisen Bank will organize banking summit on June 26 in Tashkent. According to Raiffeisen Bank, the summit is the evidence of growing interest in the world to the socio-economic reforms aimed at improving Uzbekistan’s financial and investment climate.

Joint meeting of the Senate committee on international relations, foreign economic relations, foreign investments and tourism and the committee for budget and economic reforms was held today.

The World Bank’s Board of Executive Directors approved a project that will help increase access to and improve the quality of early childhood education in Uzbekistan.

Uzbekistan plans to join the International Islamic Trade Finance Corporation (ISTFC) and the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC).

The Russian National Development Institute (VEB.RF) state corporation will provide 100 million euros to finance the deal for supply of Russian energy equipment to Uzbekistan, the head of the state corporation Igor Shuvalov.

A new project approved by the World Bank’s Board of Executive Directors last week will advance Uzbekistan’s transition into a market-oriented economy by creating more economic opportunities and better jobs for its citizens. The $33 million credit from the International Development Association (IDA) will support the Institutional Capacity Building Project.