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Infographic: Measures to support the economy of Uzbekistan

The infographic of the Center for Economic Research and Reforms (CERR) presents a set of measures taken, announced at a meeting chaired by the President of the Republic of Uzbekistan Shavkat Mirziyoyev on March 31 this year, at which external economic factors were analyzed, the necessary further steps were identified.

On March 31, the President of Uzbekistan held a videoconference on ensuring macroeconomic stability and additional business support.

In the decisions taken at the meeting, much attention was paid to measures to support the economy and business.

About the set of measures taken in the CERR infographic.

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, and manufacturers of food and consumer goods.

The volumes and preferential rates on loans for horticulture (2 trillion soums in 2022), family businesses (10 trillion soums), mortgages (13 trillion soums) and education (1 trillion soums) provided under state programs will be preserved.

Until the end of the year, fines and other sanctions will not be applied 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.

Until the end of the year, companies operating in Russia, Ukraine and Belarus will not be fined for receivables. Currently, 179 exporters are working with these countries, which have a debt of 4 trillion soums. It was decided that their debt on bank loans would be extended, and fines and penalties would 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 neighbouring countries.

To maintain macroeconomic stability, it will be necessary to reduce regional and network spending by 10 trillion soums, in connection with which instructions were given to reduce costs in regions and industries, suspend spending on repairs, purchase of cars, furniture and office supplies.

An important source of replenishment of the necessary funds should be proceeds from privatization, from which at least 3 trillion soums should be received in the first half of the year.

185 trillion soums will be allocated this year to ensure economic growth (in 2021, 166 trillion soums were allocated).

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 150,000 people.

Additionally, 100 thousand jobs will be created for citizens returning from labour migration.