Monday, 23, September, 2019

Finances

Power supply in south Uzbekistan will be significantly improved thanks to the construction of the additional generation capacity at existing Talimarjan power plant (TPP) with the help of a up to US$ 240 million sovereign loan provided by the EBRD to JSC Uzbekenergo. The project will be the largest EBRD  investment in Uzbekistan to date.

The Tax Committee of Uzbekistan has recommended employers to increase the pay of employees, the Committee said on its Facebook page.

The Asian Development Bank (ADB) has approved a US$4.5 million cluster regional technical assistance grant to support an increase in regional power trade in Central Asia Power System (CAPS) and explore potential reconnection of Turkmenistan to CAPS and its further expansion to Afghanistan.

On 21 December 2018, S&P Global Ratings assigned its ‘BB-/B’ long- and short-term foreign and local currency sovereign credit ratings to Uzbekistan. The outlook is stable. The transfer and convertibility (T&C) assessment is ‘BB-’.

The Asian Development Bank (ADB) has appointed Ms. Cindy Malvicini as its new Country Director for Uzbekistan. Ms. Malvicini will lead ADB operations in Uzbekistan and supervise the development and  implementation of the bank’s Country Operations Business Plan for 2019–2021 and the Country Partnership Strategy.

Fitch Ratings has assigned Uzbekistan Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'. The Outlooks are Stable, the agency said.

Residents of three cities in Uzbekistan will benefit from improved municipal services and urban infrastructure, thanks to the Medium-Size Cities Integrated Urban Development Project, approved today by the World Bank’s Board of Executive Directors. The project will be supported by a $100 million loan from the International Bank for Reconstruction and Development (IBRD, a member institution of the World Bank Group).

The Uzbek Senate has approved the 1.1% of GDP deficit state budget for 2019 at its 17the session on Thursday. The 2019 draft budget, passed this week by the Legislative Chamber, was presented by the Deputy PM/Minister of Finance Jamshid Kuchkarov.

The French IDEMIA will help Uzbekistan to launch its first FinTech lab, which enable people to create and test new technologies together with a pool of partners and experts.

The Ministry of Finance presented the Citizens Budget for the draft 2019 state budget, prepared as part of the joint project with UNDP “Promoting Public Finance Management Reform in Uzbekistan” with the financial support of the British Embassy.