Жаңалықтар

Asian Development Bank (the “ADB”) has reconsidered its economic growth projections for Uzbekistan in 2020 by decreasing the projection from 4,7% to 1,5%. ADB has adjusted and updated the economic growth forecasts due to the pandemic, which has decreased the volume of foreign trade and money transfers. Forecasts of the World Bank and European Bank for Reconstruction and Development regarding Uzbekistan's economic growth for 2020 coincide, amounting to a GDP growth of 1,5%.

According to the UN e-Government Development Index (the “EGD Index”), Uzbekistan ranked 87th among 193 UN member countries. Compared with the previous year's EGD Index, Uzbekistan's position has been lowered by 6 points.  However, Uzbekistan still holds 2nd position in EGD Index among the Central Asian countries.

For the first time, Uzbekistan has been included in the rating of the Competitive Industrial Performance Index (the “CIP Index”) calculated by the United Nations Industrial Development Organization. CIP Index ranks and evaluates the country's ability to produce and export manufacturing goods at a competitive level. Uzbekistan ranked 92nd out of 152 countries listed in CIP Index.

Uzbekistan plans to issue Eurobonds in national currency equivalent to USD 500 million in the domestic market. Based on the budget requirements, Eurobonds denominated in UZ equivalent to USD 500 million, can be placed this year and the same amount next year.

Uzbek Parliament has passed a law granting limited liability companies (the “LLCs”) the right to issue corporate bonds (the “Draft Law”). The draft is now due for parliamentary approval by the Senate and by the president.

The Ministry of Justice has developed a draft of Presidential Decree "On measures to improve licensing and authorization procedures" (the “Draft Decree”) that aims to simplify about 1000 established bureaucratic processes. The Draft Decree plans to implement comprehensive measures to improve licensing and authorization procedures in two stages.

In accordance with the Decree of the President of the Republic of Uzbekistan “On additional measures to improve the system of combating corruption in the Republic of Uzbekistan” No.УП-6013 dated 29 June 2020 (the “Decree No.УП -6013”) there was established an Anticorruption Agency of the Republic of Uzbekistan (the “Agency”) in order to improve the effectiveness of public policies aimed at preventing and combating corruption in all spheres of society and the State.

Due to the worsening situation of the coronavirus pandemic and the increase in the number of coronavirus cases, the Special Republican Commission on Combating Coronavirus (the "Commission") has decided to strengthen the approved quarantine measures from 10th of July to 1st of August.

For the purposes of acceleration and improvement of the preparation of Uzbekistan in the process of accession to the World Trade Organization (the “WTO”), a special inter-ministerial commission (the “Commission”) has been created. Its main tasks and functions are determined by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan “On approval of regulation on Inter-ministerial commission to work with the World Trade Organization" № 339 dated 28 May 2020 (the “Resolution № 339”).

Following the results of the fourth plenary session of the Senate of the Oliy Majlis of the Republic of Uzbekistan, the Law “On amendments and additions to some legislative acts of the Republic of Uzbekistan in connection with the increased liability for illegal seizure of land” (the “Law”) was approved. This Law introduces amendments and additions to the Criminal Code, the Code of Criminal Procedure and the Code on Administrative Responsibility.