Saturday, 26, September, 2020

Finances

On May 21, the President Shavkat Mirziyoyev signed a resolution on financing the targeted support for citizens affected by the incident at the Sardoba reservoir dam and for restoration of infrastructure.

As part of the comprehensive response against the COVID-19 pandemic, the United States government announced an additional $3 million in funding through the U.S. Agency for International Development (USAID) to Uzbekistan.

The Executive Board of the International Monetary Fund (IMF) today approved the disbursement of SDR 275.6 million (50 percent of quota, about US$375 million) under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI). This will help to meet Uzbekistan’s increased need for fiscal and urgent balance of payments financing arising from the impact of the COVID-19 crisis.

The Asian Development Bank (ADB) has allocated a $1.36 million grant for Uzbekistan to procure medical equipment and supplies to support the country’s efforts to combat the novel coronavirus disease (COVID-19) pandemic.

Bluestone Investment Bank, a U.S. based ivestment bank and brokerage, has been awarded three licenses for activities in the Uzbekistan securities market, the Uzbek Capital Market Development Agency said.

As reported earlier, the May 12 Presidential Decree approved the Uzbekistan’s Banking System Reforming Strategy for 2020-2025.

President Shavkat Mirziyoyev yesterday signed the Uzbekistan’s Banking System Reforming Strategy for 2020-2025 Decree.

The Central Bank expects a drop in GDP growth rates in 2020 to 1.5–2.5% due to a decrease in economic activity as a result of the coronavirus pandemic compared to 5.2–5.5% previously projected. Data provided in the review of the monetary policy regulator for the I quarter, the CB said in a report.

Twenty public-sector officials from Uzbekistan successfully passed the second of three levels of the Certified Public-Private Partnership Professional (CP3P) program; a platform that helps PPP practitioners deliver better projects. This program was developed by the World Bank Group and other leading development finance institutions and is administered by APMG International, a London-based examination institute.

The World Bank’s Board of Executive Directors approved today $200 million in additional development policy financing to support Uzbekistan’s ongoing health, social, and economic policy responses to the crisis caused by the COVID-19 pandemic. This financing will provide additional money for the government’s budget amidst a large decline in tax revenues and an unanticipated increase in expenditures to cover anti-crisis measures.