World Bank approves additional financing to support Uzbekistan’s dev’t policy

Finance Materials 18 December 2020 12:24 (UTC +04:00)
World Bank approves additional financing to support Uzbekistan’s dev’t policy

BAKU, Azerbaijan, Dec. 18

By Klavdiya Romakayeva - Trend:

The World Bank's Board of Executive Directors today approved the provision of $500 million in financing to Uzbekistan under the Operation in Support of Development Policy (OSDP), Trend reports referring to the press service of the World Bank.

According to the information, the purpose of this operation is to facilitate the implementation of further socio-economic reforms in Uzbekistan in a transparent and inclusive manner.

The government of Uzbekistan was supported in mitigating the negative socio-economic consequences of the coronavirus pandemic as part of this operation, as well as in implementing the reforms outlined in the Uzbekistan Development Action Strategy for 2017-2021.

In addition, over the past year, the government has also implemented several important reforms designed to accelerate the country's transition to an open, competitive, and inclusive economy.

“The OSDP, approved today by the World Bank, will help consolidate the achievements of the major reforms implemented in Uzbekistan since 2017, as well as create a solid foundation for more complex reforms aimed at reducing government control over various resources and its participation in the economy. This operation supports the government's desire to make sure that the transition period brings concrete benefits to citizens from the very beginning,” the head of the World Bank's office in Uzbekistan Marco Mantovanelli said.

According to him, steps to end the restrictive measures of the registration regime, the state's withdrawal from the cotton production sector, improving the safety of women and greater economic opportunities for them, as well as social protection of low-income households will have a positive impact on the well-being of the most vulnerable segments of the population, especially during the COVID-19 pandemic.


Follow the author on Twitter: @romakayeva