Investors teleconference with representatives of Ministry of Finance and Central Bank

Ministry of Finance of Uzbekistan has today published economic & financial update & outlook for 2020.

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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:

  1. Odilbek Isakov – Deputy Finance Minister – Ministry of Finance of the Republic of Uzbekistan
  2. Jasur Karshibaev – Head of DMO – Ministry of Finance of the Republic of Uzbekistan
  3. Nodir Achilov – Head of Monetary Policy Department- Central Bank of Uzbekistan
  4. Farruh Sherikbaev – Deputy Head of Prudential Supervision- Central Bank of Uzbekistan.

Copies of presentations can be found on Ministry of Finance of Uzbekistan website.


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