▲ Up
 akipress
09:42 26-09-2018
АКИpress CA-News Tazabek Turmush
ADVERTISE WITH US SUBSCRIBE
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
akipress
World Bank provides $500 million loan to support Uzbekistan's economic reforms
Central Asia | business | 12:57, 27 June 2018 | 635

AKIPRESS.COM - Uzbekistan’s transformational economic reforms, aimed at improving people’s lives, will be supported by a US$ 500 million development policy financing loan, approved on June 26 by the World Bank’s Board of Executive Directors.

The Development Policy Operation (DPO) will help finance Uzbekistan’s efforts to develop a successful market economy. Through market-oriented reforms that open up the country’s highly regulated economy, the country will be able to create good jobs, especially for young people. Citizens and international observers have expressed widespread support for the breadth, depth and speed of these reforms.

The DPO supports the country’s 2017 Development Strategy, which focuses on three key areas: building foundations for sustainable economic growth and stability; creating markets to boost private sector development and create jobs; and expanding social protection for vulnerable groups to mitigate potential adverse impacts of economic reforms.

“Uzbekistan is at a critical juncture in this historic transformation. This loan will support fundamental economic and social reforms to reinforce Uzbekistan’s ambitious new development trajectory,” said Cyril Muller, World Bank Vice President for Europe and Central Asia. “These broad economic reforms will boost growth, promote transparency and accountability, and improve services for citizens. The biggest priority for Uzbekistan is to make these reforms sustainable.”

“This DPO complements the lending and technical support that Uzbekistan is receiving from other development partners, and is expected to encourage greater private sector investment as market reforms take hold,” said Lilia Burunciuc, World Bank Regional Director for Central Asia.

During the past 12 months, the Government of Uzbekistan has taken significant steps to transform its economy by liberalizing its currency, lifting trade and investment barriers, reducing business regulations, and opening markets to attract investment and boost imports and exports. The Government is also expanding support to disadvantaged people through safety nets, while making citizen engagement a priority in helping to shape the reforms.

In addition to the DPO the World Bank is supporting the implementation of 17 projects in Uzbekistan, totaling over US$ 2.8 billion. These projects contribute to the improvement of agriculture and water resources management, energy, transport, healthcare, education, urban development, water supply and sanitation services, which support the country’s economic growth and higher living standards.

LATEST NEWS
09:26 Eurasian Development Bank revises its assumptions on quarterly production dynamics at Kumtor mine09:23 ADP to provide $641 million in grants and sovereign loans to Kyrgyzstan under new 5-year country partnership strategy09:06 Kyrgyz Finance Ministry to count on itself in 2019 as program support is decreasing17:29 Kazakh FM delivers speech at Nelson Mandela Peace Summit in New York17:28 'Messy' new species of dinosaur-era bird discovered17:25 MPs asked how deputy Bishkek mayor combines two posts17:20 Kazakhstan harvests 13.9m tons of grain17:02 Ambassador of Finland to Turkmenistan delivers copies of her credential letters17:01 Leadership of Ministry of Labor and Social Development used diplomatic passports for personal purposes: Prosecutor General's Office16:56 Investigation of Denis Ten's murder completing: Ministry of Internal Affairs16:50 Kyrgyzstan national football team to play with Japan16:46 First heart surgeon of Kyrgyzstan, academician Isa Akhunbayev turns 11016:44 Indian Shapoorji Pallonji examines solar development possibility in Uzbekistan16:43 Permanent Representative of Uzbekistan to UN delivers credentials16:31 Tajikistan chairs informal meeting of ECO Council of Ministers in NYC16:29 Tajik, Chinese FMs meet in New York, discuss ties16:20 Cassini data shows first evidence of organic dust storms on Titan16:19 Erkinbek Kylychev released from position of member of Board of Directors of Chang An Bank16:15 Italian government approves Salvini bill targeting migrants16:12 Tajikistan establishes diplomatic relations with Senegal, Sao Tome and Principe
© AKIpress News Agency - 2001-2018. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)65-03-06