Sunday, 14, July, 2024

Finances

Uzbekistan is contributing to international efforts to combat global warming by participating in the Global Methane Pledge (GMP) aimed at the reduction of methane emissions by 30 per cent by 2030. It has become only the second country in Central Asia, a region known for high-intensity greenhouse gas emissions, to join the agreement.

The World Bank has released its new Systematic Country Diagnostic (SCD) report for Uzbekistan, which analyzes key challenges and opportunities for the country’s development. The SCD contains policy recommendations for removing barriers to private sector growth, reducing the state’s role in the economy, focusing on people and their human capital, and transitioning to a green economy. The report provides the foundation for selecting priority areas for the World Bank Group’s cooperation with the Government of Uzbekistan throughout the 2022-2026 period.

The World Bank Group’s Board of Executive Directors discussed and endorsed the Uzbekistan Country Partnership Framework (CPF) for the period 2022-26. The CPF will guide the World Bank Group’s work for the next five years supporting the Government of Uzbekistan’s strategic priorities outlined in the National Development Strategy for 2022-26.

The Asian Development Bank (ADB) will continue to scale up private sector investment in Uzbekistan’s urban and renewable energy sectors, and extend its support into new areas such as education and health, ADB Vice-President for Private Sector Operations and Public–Private Partnerships (PPPs) Ashok Lavasa told senior government officials during meetings in Tashkent.

As of May 1, Uzbekistan’s official foreign reserve stands at $35.9 billion, recording $745.3 million increase over the past month, the Central Bank said in a report.

The practice of soft lending is widespread in the Uzbek banking system, but the volume and share of soft loans is gradually declining, the Central Bank said in a report.

The Moscow Exchange plans to launch trading in three new currencies, one of them could be the Uzbek soum, sources told RBC.

Uzbekistan with UNDP support published its first impact report covering issuance of the first-ever public UZS-denominated sovereign bond. Uzbekistan Development Finance Bond Impact & Allocation Report describes how sovereign bond proceeds support sustainable development across a variety of sectors and how projects support the Sustainable Development Goals (SDGs).

Uzbekistan has signed $ 575 million worth of deals with international organizations to support the state budget and implement for taxation, statistics, investment, rural SMEs support projects.

Uzbekistan has attracted significant credit resources from Russia in recent years. Mainly from the banks that are now under the sanctions list - Gazprombank, VTB, VEB and others. Given that these banks are supposed to finance major economic projects in the country, there are risks that Uzbekistan could lose this funding due to sanctions.

At a meeting on April 21, the Board of the Central Bank decided to keep the interest rate unchanged at 17%, the Bank said in a statement.

The Ministry of Finance of Uzbekistan and the French Development Agency (FDA) on April 19 signed an agreement aimed at facilitating the country's transition to green economy, FDA said.

Uzbekistan official reserves topped $35.15 billion as of April 1, reporting $205.1 million decrease over the past month, the Central Bank said in a report.

On April 12, the President signed the Insolvency Bill into Law. The Law regulates the procedure for paying debts and bankruptcy of debtors - legal entities and individuals, including self-employed and does not apply to state institutions.

An International Monetary Fund (IMF) staff team led by Ron van Rooden visited Tashkent from March 31 to April 13, 2022, for discussions in the context of the 2022 Article IV consultation with Uzbekistan. At the conclusion of the mission, Mr. van Rooden issued the following statement:

Uztransgaz will draw $57.5 million of an additional loan from Gazprombank for 2 years to extend the term of the previously received loan by $300 million and refinance current liabilities. This follows from the information of the Single Corporate Information Portal of the Ministry of Finance.

The Central Bank of Uzbekistan has set new foreign exchange rates, which will be effective on April 14, the Bank said.

The Central Bank posted the Amendments and additions to the Regulation on procedure and conditions of issuing permits for banking activities Resolution.

OTP Bank has asked Uzbekistan to delay a deal that would see Hungary’s largest lender purchase a majority stake in Ipoteka Bank, Chairman and CEO Sandor Csanyi told Bloomberg.

The Central Bank of Uzbekistan has set new foreign exchange rates, which will be effective on April 12, the Bank said.