10 June 2020

Securing economic stability in Uzbekistan: key pillars

President of the Republic of Uzbekistan Shavkat Mirziyoyev chaired a meeting with officials on June 9 to discuss pressing issues of ensuring the stability of the national economy.

The coronavirus pandemic has caught the world in tricky situation. The emerging global crisis is having a serious impact on the economies of all nations. According to the World Bank forecast, in 2020 the global product is expected to decline by 5.2 percent, the United States GDP – by 6.1 percent, the Russian – by 6, and in the European Union – by 9.1 percent. Economic growth is anticipated at 1 percent in China and 1.5 percent in Uzbekistan.

Over the past three months, 2.3 trillion soums of tax incentives were granted in our country to sectors of the economy, 3.6 trillion soums were allocated from the Anti-Crisis Fund.

At the meeting today, the head of state noted the availability of all opportunities to ensure further economic growth this year through the use of new approaches and tools, and outlined eight key tracks along this path.

Thus, the priority areas are identified as:

– ensuring economic and financial stability;

– poverty reduction and employment growth;

– acceleration of reforms in the banking system;

– increase in foreign direct investment;

– boosting the export potential and securing foreign exchange earnings;

– strengthening competitiveness in industry;

– development of small business;

– widespread adoption of digital technology across all walks of life.

During the discussion of the first course of action, it was entrusted to optimize budget revenues and expenses. The President instructed to provide additional income by resuming the activities of enterprises and improving tax administration, and when entering into external loan transactions, rule out crossing the established frames.

As part of the second direction, it was stressed that we need to restore 810 thousand permanent jobs this year, create 310 thousand permanent and 633 thousand seasonal jobs.

In accordance with the presidential decree on measures to simplify state regulation of entrepreneurial activity and self-employment, adopted yesterday, on June 8, the list of activities that self-employed people can engage in has been expanded from 24 to 67.