Saturday, 01, October, 2022

Finances

Delegation of the Uzbek Finance Ministry visited Russia from 19 to 21 February. The visit was organized within the framework of implementation of the Memorandum of Technical Cooperation and Cooperation Plan for 2018 concluded between the Ministry of Finance of Uzbekistan and the Federal Treasury of the Russian Federation.


The Uzbek delegation held a meeting with officials of the Federal Treasury of Russia.

The sides discussed the issues related to organization and implementation of internal control, audit and state financial control in the Treasury of Russia.

The Russian side held a presentation on specifics of the organization of internal control and audit in the Federal Treasury. Particular attention was paid to methodology and implementation of a risk-based approach to audit and control activities.

Uzbekistan is planning to sell up to $300 million of Eurobonds this year in a bid to open up to foreign investment. Uzbek authorities signed a memorandum with Citigroup Inc. during a recent visit to New York to develop a road map for obtaining a sovereign credit rating, Finance Minister Djamshid Kuchkarov said in an interview in Tashkent. There is a “high chance” of a bond sale in either dollars or euros this year, he said.

The Asian Development Bank (ADB) has appointed Werner Liepach as the new Director General for its Central and West Asia Department (CWRD).

The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Joint-Stock Commercial Aloqabank (Aloqabank) today signed an agreement to provide loans and support trade in Uzbekistan.

The Ministry of Culture, the Tourism Development Committee of Uzbekistan and the European Bank for Reconstruction and Development (EBRD) signed a Memorandum on Cooperation in the field of tourism and cultural heritage, JAHON reported.

The Board of the Uzbek Central Bank decided to keep the interest rate at 14% per annum. In spite of keeping tight monetary policies and the efforts aimed at minimizing the impact of monetary factors, there was an increased level of inflationary pressure in Q4 of 2017, the Central Bank said.

On 5 February 2018, the IT Development Ministry hosted a meeting with the visiting World Bank mission to discuss preparations of Digital CASA project and issues related to digital development.

Small and medium-sized private enterprises (SMEs) in Central Asia will benefit from a new Regional Small Business Programme (RSBP) launched in Almaty.

A Loan Agreement was signed today in Tashkent between the Republic of Uzbekistan and the Kuwait Fund for Arab Economic Development, whereby the Fund will provide a Loan in the Amount of 9.0 Million Kuwaiti Dinars (equivalent to about US$ 30.6 Million), to the Republic of Uzbekistan, to participate in the financing of the Infrastructure for Rural Housing Project in the Republic of Uzbekistan. It is worth mentioning that the Fund depends exclusively on its own resources in providing its loans and development assistance.

Farmers and agribusinesses across Uzbekistan will receive more technical and financial support, leading to the creation of thousands of new and better jobs, thanks to the Additional Financing Horticulture Development Project approved yesterday by the World Bank’s Board of Executive Directors.

Small, medium and large-sized industrial enterprises in Uzbekistan will be able to improve energy efficiency and productivity, thanks to the Energy Efficiency Facility for Industrial Enterprises Project - Phase 3, approved yesterday by the World Bank’s Board of Executive Directors. The Project will be financed by a US$ 200 million loan from the International Bank for Reconstruction and Development.

Delegation of the Kuwaiti Fund for Arab Economic Development (KFAED), led by Deputy Director General Hisham Al-Waqayan arrived in Uzbekistan yesterday, the foreign ministry said.

Over 240,000 residents in five cities across Uzbekistan are to benefit from improved efficiency and quality of heating and hot water services, thanks to the District Heating Energy Efficiency Project approved yesterday by the World Bank’s Board of Executive Directors. The Project will be financed by a US$ 140 million credit from the International Development Association, a part of the World Bank. 

Official ceremony of signing of the Protocol Amending the Convention between the Government of the Republic of Uzbekistan and the Government of the United Kingdom of Great Britain and Northern Ireland on Avoiding Double Taxation and Preventing Fiscal Evasion with respect to Income and Capital Gains of November 15, 1993 took place in London yesterday.

President Shavkat Mirziyoyev yesterday hosted the World Bank delegation led by the Chief Executive Officer Kristalina Georgieva, the President’s press service reported.

The Central Bank of Uzbekistan on its website announced the main tasks for 2018:  The procedure of purchase and sale of foreign currency by legal entities and individuals is expected to be simplified, In particular, it is planned to allow the withdrawal of foreign currency cash from local cards, with the network of ATMs to be expanded to this end.

Delegation of Credit Suisse bank led by Managing Director Stefan Gerig arrived yesterday in Tashkent. The program of the visit includes meetings and talks in the Government of Uzbekistan, a number of ministries and agencies, banks, state companies to discuss promising cooperation projects.

President Shavkat Mirziyoyev signed Approving the International Treaty Decree Thursday approving the Framework Agreement between Uzbekistan and the European Investment Bank (EIB) on the activities of the bank in Uzbekistan.

President Shavkat Mirziyoyev, by his December 29 decree, has approved the forecasts of main macroeconomic figures and parameters of the state budget for 2018. Earlier, Mirziyoyev rejected the draft budget approved by the Senate and said that he would personally draft it "focusing on people's welfare".

Bank sector outlooks for the CIS and Georgia in 2018 are mostly stable, helped by a more supportive economic backdrop and steps to reduce asset quality pressure stemming from recessions and currency devaluations in recent years, Fitch Ratings says.