Friday, 07, May, 2021

Finances

Uzbekistan priced Eurobonds for the second time, testing a recovery in global risk appetite with a sale from one of the few economies set to dodge recession this year.

At the ninth plenary session of the Senate, the report of the Cabinet of Ministers dedicated to the execution of the state program on the implementation of the Development Strategy in the nine months of 2020 was heard.

Uzbekistan is preparing to place a dual-tranche sovereign eurobonds denominated both in U.S. dollars and Uzbek soums on the London Stock Exchange, the Uzbekistan Ministry of Finance said.

The volume of money remittances to Uzbekistan in January-October 2020 topped US$ 4.88 billion. This is by US$ 148 million less to the same period last year, the Central Bank said in a report.

Uzbekistan’s gross gold and foreign exchange reserves as of November 1 topped US$ 33.3 billion, decreasing by $ 105 million to last month, the Central Bank said in a report.

Uzbekistan's Finance Ministry said Monday the country will issue more Eurobonds. Citi Bank and JP Morgan were appointed as the global coordinator and joint bookrunners, while Societe Generale, VTB Capital and Gazprombank - joint leading managers and bookrunners, and White & Case as the legal consultant, the ministry added.

In January-October, Uzbeks sold US$ 3.7 billion at exchange offices, or US$ 744 million, and bought US$ 3.3 billion, increase by 25% and 2.7 times to the last year, respectively, the Central Bank reported.

The Asian Development Bank (ADB) has approved a $121 million loan to complete the modernization of the railway network in eastern Uzbekistan that will help to stimulate economic growth in the Fergana Valley and improve trade and regional connectivity.

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.