The Cabinet of Ministers has adopted a decree on measures to ensure the country’s transition to a market economy with the assistance of the World Bank.
It should be reminded that on December 16, 2020, a loan and financial agreement on budget support was signed between Uzbekistan and the World Bank. It provides for the attraction of the following loans: $250 million from the International Bank for Reconstruction and Development (IBRD) for a period of 10.5 years, including a 5-year grace period; $165 million (concessional loan) and $85 million (non-concessional loan) from the International Development Association (IDA) for a period of 30 years, including a 5-year grace period.
The borrowed funds allocated by the IBRD and IDA are directed to cover the expenditures of the republican budget.
The decree approved the forecast tables for repayment of loans allocated by the IBRD and IDA within the framework of the project, as well as interest payments and commission payments on them.
The document establishes that the Ministry of Finance is the responsible executive body for coordinating and monitoring the implementation of the project, for the targeted and effective use of loans allocated by the IBRD and IDA.
The costs associated with the return of loans allocated by the IBRD and IDA, interest on them, payment for their servicing and commission payments, are carried out at the expense of the republican budget of Uzbekistan.