Tuesday, 26, May, 2020

Finances

The Central Bank of Uzbekistan has cut its interest rate by 1 percentage points to 15% per annum, the regulator said. The decision was taken at an extraordinary meeting of the Central Bank on Monday.

IFC, a member of the World Bank Group, held a webinar on stress-testing for Uzbekistan’s financial institutions as part of its response to the impact of the COVID-19 pandemic. Seven local banks participated in the virtual session aimed at equipping them with knowledge and tools to urgently respond to unforeseen disruptive events.

The Uzbekistan Minister of Investment and Foreign Trade Sardor Umurzakov in videoconference talks with the President of the Islamic Development Bank (IsDB) Bandar Hajjar discussed the issues of cooperation in order to support and strengthen the capacity of the Uzbek public healthcare system in the backdrop of the outbreak of coronavirus and mitigating the effects of the global pandemic on the economic growth in Uzbekistan.

Uzbekistan’s growth will slow in 2020 due to the COVID-19 pandemic and a lower price for natural gas and copper, but higher investments coupled with gains in industry and agriculture are expected to fuel a recovery in 2021, a new Asian Development Bank (ADB) report says.

Asian Development Bank (ADB) President Masatsugu Asakawa and Uzbekistan’s Deputy Prime Minister, Minister of Investments and Foreign Trade and ADB Governor Sardor Umurzakov today discussed how ADB can support Uzbekistan in its fight against the COVID-19 pandemic.

The World Bank’s Board of Executive Directors approved today a $500 million financing package for implementation of the Agriculture Modernization Project in Uzbekistan.

In 2020, Uzbekistan will take steps to borrow up to $ 1 billion from international financial institutions through soft loans and other sources to support the budget.

The Kuwait Fund for Arab Economic Development (KFAED) will provide $ 23.1 million in a loan to Uzbekistan for the Equipping Uzbekistan Medical Institutions Providing Urologic and Hemodialysis Services Project.

The Asian Development Bank (ADB) today announced a $6.5 billion initial package to address the immediate needs of its developing member countries (DMCs) as they respond to the novel coronavirus (COVID-19) pandemic. "This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels,” said ADB President Masatsugu Asakawa.

The World Bank’s Board of Executive Directors approved a $239 million credit from the International Development Association for financing of the Water Services and Institutional Support Project in Uzbekistan.