President Shavkat Mirziyoyev got acquainted with new directions in improving the insolvency institution in our country and providing timely support to business entities with a difficult financial situation. The events in this regard emphasized consistent strategies for the development of private business, creating a favorable environment for businessmen and stabilizing their activities.
As it turned out, more than 300 thousand individual entrepreneurs and 5.5 million self-employed persons operate in our country. The share of the private sector in the economy has grown from 45 percent to 58 percent over the past five years. This year, it was decided to allocate 140 trillion soums in loans to small and medium-sized businesses, redirect $8 billion in external resources attracted by banks to local entrepreneurship, as well as allocate 20 trillion soums to regions to improve the infrastructure of production, trade and services.
At the same time, the issue of supporting enterprises that are still experiencing financial difficulties at an early stage has not been resolved. In particular, the increase in the number of small enterprises that are not operating or have ceased operations demonstrates that the current system is more oriented towards the official liquidation of enterprises.
As noted, insolvency procedures are not being applied sufficiently: out of 93 thousand entrepreneurs with a difficult financial situation, cases have been initiated against only 10 thousand. The pre-trial and judicial rehabilitation system is not working effectively; over the past five years, rehabilitation has been applied to only 68 enterprises, and only 7 have resumed their activities. It was noted that there are cases of violation of work deadlines, unfounded conclusions and failure to timely check signs of false bankruptcy in the activities of court administrators.
New institutional approaches were proposed: it is planned to establish an agency for insolvency cases under the Ministry of Justice, and to create a Chamber to coordinate the activities of court administrators and improve their skills. It was also decided to introduce low-interest credit lines for small and medium-sized entrepreneurs, loan rehabilitation and financial recovery mechanisms.
It was emphasized that the digitalization of insolvency processes is of great importance. All applications, enterprises and court administrators will be registered through an electronic platform, the processes will be made open to the public, and monitoring will be accelerated.
The President emphasized that in supporting entrepreneurship, it is important not only to establish new enterprises, but also to preserve existing businesses, provide timely assistance to enterprises that have temporarily encountered difficulties, and return them to economic activity. If the tasks are fully implemented, the sector will be sustainable through effective governance and digital solutions.
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