The Asian Development Bank (ADB) has approved the allocation of a loan of 500 million dollars to Uzbekistan's economy, Kursiv.media reports. The funds will be provided within the framework of the “Economic Management Improvement Program” (phase 2).
The program aims to introduce modern management for state enterprises, increase fiscal transparency, and shape a competitive economic environment. This is considered a consistent continuation of ongoing reforms.
Kanokpan Lao-Araya, director of the ADB's office in Uzbekistan, emphasized that the bank is committed to supporting the country in its efforts to join the WTO and participate more deeply in the global economy.
The program includes reforms in the following areas:
introduction of unified procedures for public-private partnerships;
adoption of new laws on competition and investment management;
management of state enterprises based on international standards;
expanding the tax base and developing international tax cooperation;
implementation of legislation against corruption and conflicts of interest.
Additionally, the program also envisages strengthening the social protection system. This is aimed at mitigating the impact of reforms on vulnerable populations.
For information, this year marks 30 years of cooperation between Uzbekistan and the ADB. Since 1995, the bank has provided 14.6 billion dollars in assistance to the country.
In its report published on 30 September, the ADB stated that the growth forecast for Uzbekistan’s economy remains unchanged. Growth is expected to be 6.6 percent in 2025, and 6.7 percent in 2026.
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