President of Uzbekistan Shavkat Mirziyoyev announced measures to support the economy

Published

07 April 2022

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1 min

 

Uzbekistan News

 

On March 31, President of Uzbekistan Shavkat Mirziyoyeva held a meeting on ensuring macroeconomic stability and additional business support, taking into account the analysis of foreign economic factors.

During the meeting, it was decided that:
 

  • banks will provide entrepreneurs with an additional 10 trillion soums of "revolving" loans for the purchase of raw materials and working capital, which will be directed primarily to exporters, producers of food and consumer goods.
     
  • volumes and preferential rates on loans for fruit and vegetable growing (2 trillion soums in 2022), family business (10 trillion soums), mortgage (13 trillion soums) and education (1 trillion soums) provided under state programs will be preserved.
     
  • fines and other sanctions will not be applied until the end of the year under new mechanisms, such as mandatory accounting and coding of goods in a warehouse during tax administration, electronic registration of property and lease agreements. The term for applying customs preferences for raw materials, equipment, and spare parts imported for own needs will be extended from the current 6 months to 1 year.
     
  • by the end of the year, companies operating in Russia, Ukraine and Belarus will not be fined for accounts receivable. Currently, 179 exporters work with these countries, which have debts of 4 trillion soums. It was decided that their debt on bank loans will be prolonged, fines and penalties will not be collected.
     
  • wholesale trade zones will be created in Navoi, Samarkand, Tashkent, Bukhara and Surkhandarya regions, which will supply products to the markets of neighboring countries.
     
  • to maintain macroeconomic stability, It will be necessary to reduce costs in regions and industries, suspend spending on repairs, the purchase of cars, furniture and office supplies by 10 trillion soums.
     
  • proceeds from Privatization should be an important source of replenishment of the necessary funds. At least 3 trillion soums should be received in the first half of the year.
     
  • 185 trillion soums will be allocated to ensure economic growth this year (166 trillion soums were allocated in 2021).
     
  • to date, 67 types of activities are classified as forms of self-employment. It was noted that the number of such professions will be increased by 20 to 87, which will provide jobs for 150 thousand people.
     
  • additionally, 100 thousand jobs will be created for citizens returning from labor migration.