Economy
EBRD President Odile Renaud-Basso to visit Uzbekistan
President of the European Bank for Reconstruction and Development Odile Renaud-Basso is expected to visit Tashkent. During her visit, she will engage in discussions with the president, other officials, and participate in the Foreign Investors Council and the Tashkent International Investment Forum.
Uzbekistan raises poverty line again amid increase in energy tariffs
Minimum expenditure basket in Uzbekistan, also used to determine the poverty line, has risen by 4.3%, from 621,000 soums to 648,000 soums (from $49 to $51) per month. This adjustment, the second this year, reflects the upcoming increase in gas and electricity tariffs from 1 May.
84 countries to participate in Tashkent Investment Forum
III Tashkent International Investment Forum is scheduled for 2−3 May. Nearly 2,500 people from 84 countries are expected to participate: government officials, corporate leaders, representatives of the UN, EBRD, OPEC, and SCO. President of Uzbekistan reviewed the preparations.
EU grants €6 million for Uzbekistan’s agriculture development
European Union allocated a €6 million grant to Uzbekistan for adopting the National Food Security and Healthy Nutrition Strategy. In total, the EU will allocate €20 million to promote agricultural sector reforms this year and next.
Bookmaking to be legalized in Uzbekistan
President of Uzbekistan signed a decree legalizing bookmaking in the country starting from 1 January 2025. The existing ban, in place since 2007, has been “practically ineffective”, with people actively using foreign and illegal services, according to the official comment.
Remittances to Uzbekistan increase, Russia’s share decreases, says Central Bank
In the first quarter of 2024, the volume of remittances to Uzbekistan increased, as reported by Central Bank chairperson Mamarizo Nurmuratov during a press conference on April 25.
Central Bank of Uzbekistan keeps interest rate at 14% per annum, but revises inflation forecast
Central Bank of Uzbekistan kept its interest rate at 14% per annum. The regulator raised its inflation forecast to 9−11%, citing energy tariff hikes. But it asserts that the effects of these price changes in the economy are temporary. CBU also downgraded its economic growth forecast.
Uzbekistan exported gold worth $1.35 billion in March
Uzbekistan’s gold exports amounted to $1.35 billion in March, with a cumulative export value of $2.66 billion since the beginning of the year, accounting for 41.7% of the country’s total export revenue.
World Bank approves $50 million loan for Uzbekistan’s Digital Inclusion Project
Ministry of Economy and Finance of Uzbekistan and World Bank signed an agreement for a $50 million concessional loan to support the Digital Inclusion Project. This loan aims to expand access to IT skills for thousands of young people residing in rural areas across the country.
Official explains reasons behind gas and electricity tariffs increase
Gas and electricity production costs far surpass current tariffs unchanged since 2019, said a Finance and Economy Ministry official. Inflation has reached 66% over this period, he added. Agency for Social Protection noted that 1.5 million needy families will receive aid to cope with the price hike.
Electricity and gas tariffs to increase in Uzbekistan starting May 1
From May 1, electricity and gas tariffs in Uzbekistan will increase for the first time since August 2019. The subsequent increase is set for April 2025. The government is also introducing “social norms” for gas and electricity use.
Uzbekistan, Kazakhstan and Kyrgyzstan to establish joint company for Kambarata HPP-1 construction
Governments of Uzbekistan, Kazakhstan, and Kyrgyzstan are set to establish a joint company for the construction of the Kambarata Hydroelectric Power Plant (HPP-1) along the Naryn river. Upon completion of the project, ownership of the plant’s shares and assets will be transferred to Kyrgyzstan.
World Bank slightly reduces Uzbekistan’s 2024 GDP growth projection
World Bank revised Uzbekistan’s 2024 GDP growth forecast down from 5.5% to 5.3%. Inflation is expected to rise due to higher energy prices. WB also identifies such risks as reduced growth in Russia and China, and increase in potential financial liabilities for state-owned enterprises and banks.
President initiates construction of industrial zone and solar power plant in Jizzakh region
President of Uzbekistan participated in the ceremony launching construction of an industrial zone specializing in metallurgy and a solar power plant in the Jizzakh region.
“Uzbekistan's budget should be result-oriented,” says Timur Ishmetov
By 2026−2027, Uzbekistan aims to transition its state budget fully to “result-oriented budgeting”, first deputy advisor to the president Timur Ishmetov stated. The primary objective for 2024 is to ensure macroeconomic stability, he added.
Heads of Uzbekistan and Kazakhstan approve establishment of joint venture between railway administrations
Presidents of Uzbekistan and Kazakhstan discussed Central Asian security and supported the establishment of a joint venture between the countries' railway administrations. It will be involved in the development of the trans-Afghan railway.
Uzbekistan government presents new support initiatives for labor migrants
Government of Uzbekistan is developing support for citizens seeking work abroad and assistance to those returning home. Initiatives include embassy liaison roles, 24/7 call centers, language and job training, and partial expense reimbursements.
Uzbekistan’s March monthly inflation is below 1%, annual rate drops below 8% first time since May 2016
Uzbekistan saw an eight-year low inflation rate of 0.67% in March, with annual inflation dipping below 8%. Meat prices fell for the fifth consecutive month, the cost of milk, sugar, flour, potatoes, onions, carrots, gasoline, air travel, and rail transportation increased, the Statistics Agency says.
Uzum becomes first unicorn company in Uzbekistan
Uzum ecosystem raised over $100 million for its development, with half from equity and the rest borrowed, becoming Uzbekistan’s first tech “unicorn” with a valuation surpassing $1 billion. Uzum is also the first company originating from Uzbekistan that TechCrunch reported on.
Gas, oil, electricity and gasoline production decreases in Uzbekistan in February
Gas, oil, electricity, and gasoline production in Uzbekistan dropped in February. In a month, gas output decreased by 284.4 million cubic meters, gasoline by 8,100 tons and electricity by 626.6 million kWh. c
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