In a telecon briefing today with investors, several senior officials from MoF & Central Bank have released a number of new key data & figures:
- Country’s economy has grown at a rate of 4.4% in Q1 and is expected to be back into growth territory at the latest Q4 according to current projections;
- 2020 is still expected to record annual growth of key sectors such as agriculture (3%), construction (4.8%) & services (0.7%);
-Details were provided of how 1 bln USD COVID-19 relief fund is being managed (100 mio USD of which is already spent);
- Current level of non-performing loans in the entire banking system amounts to only 1.8% of the total loan amount;
- No new international bonds placement is planned for the next 4-5 months until the markets are stabilized;
- Uzbekistan is working closely with IFI’s in order to attract additional bilateral and multilateral funds for budget support;
- As of JAN 2020 the total public debt stood at 17.6 bln USD or 30.5% of GDP and the MoF will continue to pursue a conservative policy of external borrowing, although they estimate the safe debt ceiling to be at 50% to GDP.
The telecon panel was led by:
- Odilbek Isakov – Deputy Finance Minister – Ministry of Finance of the Republic of Uzbekistan
- Jasur Karshibaev – Head of DMO – Ministry of Finance of the Republic of Uzbekistan
- Nodir Achilov – Head of Monetary Policy Department- Central Bank of Uzbekistan
- Farruh Sherikbaev – Deputy Head of Prudential Supervision- Central Bank of Uzbekistan.
Copies of presentations can be found on Ministry of Finance of Uzbekistan website.
Direct link to the article is here.