BAKU, Azerbaijan, Nov. 14
By Fakhri Vakilov-Trend:
Uzbekistan’s Ministry of Finance signed two loan agreements with Asian Development Bank (ADB), one worth $150 million to support livestock farmers and the other $15 million to improve infrastructure and services in Uzbek cities, Trend reports citing Ministry of Finance’s press service.
The agreements were signed at a meeting of ministry’s representatives with ADB President Takehiko Nakao.
At the beginning of the meeting, the parties discussed the macroeconomic situation in Uzbekistan, ongoing large-scale economic reforms in the country, and the cooperation with ADB in implementing sectorial reforms, in particular, ADB’s expert assistance in reforming the banking sector, energy, transport, agriculture, irrigation and urban development.
The draft Law on Uzbekistan’s State Budget for 2020 and the changes in the fiscal system that are provided for by the draft were separately noted. Among them are an increase in the role and obligations of local budgets, along with norms aimed at increasing the openness and transparency of the entire budget system.
Moreover, Uzbekistan’s Government expects to receive loans of ADB worth $500 million to support projects of mortgage lending and economic reforms by the end of the year, as was stated at a meeting of Uzbekistan’s Minister of Investment and Foreign Trade Sardor Umurzakov with Nakao.
In June, ADB approved a new country partnership strategy for Uzbekistan for 2019–2023, which includes assistance in developing the private sector, rural areas, regional cooperation, and reducing economic and social inequalities.
Since 1995, ADB has provided Uzbekistan with more than $7 billion to implement nearly 70 projects in the fields of education, agriculture, modernization of transport infrastructure and the energy sector, as well as about $85 million of technical assistance grants.
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