18:55 / 20.03.2020
Uzbekistan to borrow $1 billion from international financial institutions to support the state budget 
Photo: Paul Yeung/Blomberg

President of Uzbekistan Shavkat Mirziyoyev signed a decree on priority measures to mitigate the negative impact of the coronavirus pandemic and the global crisis on the national economy.

In accordance with the document, the Cabinet of Ministers has been instructed to take measures to attract up to $1 billion preferential loans in 2020 from international financial institutions and other sources to ensure financing of the state budget and the Anti-Crisis Fund, as well as additional funds to finance measures to support enterprises in the real sector of the economy, exporters and commercial banks.

Within a two-week period, it is necessary to approve a set of measures to find reserves by improving tax and customs administration, ensuring the completeness of payment of accrued taxes, reducing the shadow economy and introducing new effective forms of tax and customs administration.

In turn, by June 1, 2020, the Ministry of Finance is instructed to submit proposals to the Cabinet of Ministers to clarify the parameters of the state budget for 2020, taking into account the current macroeconomic situation, as well as the creation of an Anti-Crisis Fund and increased costs to support entrepreneurship and socially vulnerable segments of the population.

In this regard, it is expected to review the limit on the size of external government borrowings attracted in 2020.