BAKU, Azerbaijan, Apr. 1
By Ilkin Seyfaddini – Trend:
The Asian Development Bank will allocate budget support to Uzbekistan in the amount of up to $1 billion, to ensure sustainability and stimulate the development of the Uzbek economy in the conditions of the pandemic, Trend reports citing the ADB press service.
Uzbek Minister of Investment and Foreign Trade Sardor Umurzakov and Asian Development Bank (ADB) President Masatsugu Asakawa discussed measures to mitigate the impact of the global pandemic on socio-economic processes in Uzbekistan via a video conference, the report said.
During the talks Asakawa said that the ADB is ready to provide comprehensive support to Uzbekistan in this extremely difficult time by mobilizing funding to combat COVID-19, supporting entrepreneurs and ensuring sustainable economic performance.
To date, the ADB has already approved a $200,000 grant support for Uzbekistan's medical needs related to the spread of the virus. The bank is also considering the prospect of mobilizing additional funds to provide comprehensive support to the country's healthcare system.
"ADB is working with the government of Uzbekistan on countercyclical support that will help to mitigate the negative impact on the economy. ADB will also offer policy advice and reallocate loan savings to help address immediate healthcare needs and strengthen health systems," Asakawa said.
Moreover, the bank's management will soon work out the allocation of additional financial resources to ensure sustainability and stimulate the development of Uzbekistan's economy in the context of the pandemic.
Earlier, ADB announced an initial package of approximately $6.5 billion to address the immediate needs of its developing member countries, including Uzbekistan, as they respond to the COVID-19 pandemic.
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