Central and West Asia
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate adjustments||
No amount/estimate: 14 April 2020, Uzbekistan’s central bank cut policy rates by 100bps, from 16% to 15%. On September 8, this was further reduced to 14%, where it has since remained unchanged.
|02B2 - Other policies to support long-term lending|
|02C - Loan guarantees|
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline||
17 June 2020, USD100 million in long-term loans to the service sector to create more jobs and hasten economic recovery.
|03B - Forbearance||
No amount/estimate: (i) The Central Bank is granting a grace period and extending debt repayment periods until 1 October 2020 for adversely affected borrowers, with no penalties; (ii) State-owned banks are extending maturities of loan repayments for the affected sectors, including for the national air carrier.
|04 - Equity support info_outline|
|05 - Health and income support||UZS9,554,220,000,000||USD1,000,000,000||
Uzbekistan’s government created an Anti-Crisis Fund of USD1 billion to support the economy and help those most affected by the crisis. In addition to the Anti-Crisis Fund, the government temporarily reduced some taxes and the Fund for Reconstruction and Development increased lending.
|05A - Health support||UZS9,247,220,000,000||USD967,867,602||
(i) No amount/estimate: Expand funding for healthcare, including for (i) medicines, (ii) the costs of quarantines, and (iii) salary supplement for medical employees; (ii) No amount/estimate: 17 February 2021, The government will procure 1 million doses of the Sputnik V COVID-19 vaccine. On 17 March 2021, a further 660,000 AstraZeneca vaccines arrived through the COVAX facility. The vaccination program is expected to begin on 1 April 2021.
|05B - Income support||UZS307,000,000,000||USD32,132,398|
|05B1 - Tax and contribution deferrals and policy changes||
(i) No amount/estimate: Extending the moratorium on tax audits; (ii) No amount/estimate: Delaying tax declarations for 2019 income taxes (until August); (iii) No amount/estimate: The central government also asked local governments to provide a 6-month grace period on paying property tax; (iv) Postponing surcharges on tourism, property tax, and land tax.
|05B2 - Tax and contribution rates reduction||
(i) No amount/estimate: The central government also asked local governments to reduce taxes by 30%; (ii) No amount/estimate: 20 May 2020, Self-employed citizens were exempted from income tax; (iii) No amount/estimate: 20 July 2020, Tax exemption for restaurants as well as individuals/businesses deriving rent income. (iv) No amount/estimate: Items (i) and (ii) were extended until 31 December 2020; (v) No amount/estimate: From 1 May 2020 to 1 July 2020, The social tax rate for MSMEs was reduced from 12% to 1%; (v) No amount/estimate: Temporary reduction of social contributions for individual entrepreneurs.
|05B3 - Subsidies to individuals and households||UZS307,000,000,000||USD32,132,398||
(i) No amount/estimate: Increase the number of low-income families receiving social benefits; (ii) As of 10 June 2020, under the “Generosity and Support” Fund, over 540,000 families have received assistance amounting to UZS307 billion.
|05B4 - Subsidies to businesses||
No amount/estimate: Provide assistance to affected businesses via interest subsidies.
|05B5 - Indirect income support||
No amount/estimate: Finance public works in different regions to improve infrastructure and support employment.
|05B6 - No breakdown (income support)|
|05C - No breakdown (health and income support)|
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending and reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received||UZS14,510,013,022,440||USD1,518,702,000|
|08A - Swaps info_outline|
|08B - International loans/grants||UZS14,510,013,022,440||USD1,518,702,000|
|08B1 - Asian Development Bank||UZS7,859,874,625,200||USD822,660,000||
(i) Primary Health Care Improvement Project - USD19.5 million; (ii) Nonsovereign Operations: Trade Finance Program (Additional Financing) - USD127.02 million (with an additional USD52.23 million co-financed) for 2020. An additional USD66.2 million was allocated in 2021 ; (iii) Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases - USD1.87 million; (iv) 3 June 2020, Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (Additional Financing) - USD0.07million; (v) 25 June 2020, COVID-19 Active Response and Expenditure Support - USD500 million; (vi) 1 July 2020, Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions - USD0.15 million; (vii) 13 July 2020, Addressing Health Threats in the Central, West, and East Asia Region - USD0.38 million; (viii) 30 July 2020, COVID-19 Response and Healthcare Improvement Project - USD100 million; (ix) 24 July 2020, Due Diligence and Capacity Development of Trade Finance Program Banks - USD0.06 million; (x) 4 August 2020, Assessment of Socio-economic Impacts of COVID-19 and Institutional Strengthening for Policy Responses - USD0.65 million; (xi) 14 August 2020, Economic Management Improvement Program (Subprogram 1 Additional Financing) - USD0.3 million; (xii) 14 September 2020, COVID-19 Emergency Response - USD3 million; (xiii) 6 October 2020, Capacity Development for the Supply Chain Finance Program - USD0.26 million; (xiv) 5 November 2020, Creating Investable Cities in Post-COVID-19 Asia-Pacific: Enhancing Competitiveness and Resilience through Quality Infrastructure - USD0.11 million; (xv) 18 November 2020, Supporting Startup Ecosystem in the Central Asia Regional Economic Cooperation Region to Mitigate Impact of COVID-19 and Support Economic Revival - USD 0.05 million; (xvi) 26 November 2020, Addressing Health Threats in the Central, West, and East Asia Region (Additional Financing) - USD0.04 million; (xvii) 9 December 2020, Economic Management Improvement Facility - USD0.15 million.; (xviii) 22 September 2021, USD0.06 million technical assistance under "Fostering Regional Cooperation and Integration throughKnowledge and Capacity Building of Trade and Supply Chain Finance Program Banks".
|08B2 - Other||UZS6,650,138,397,240||USD696,042,000||
(i) World Bank: 24 April 2020, USD95 million financing package to strengthen the capacity of the national health system in areas like disease surveillance, testing, equipment, and facilities for the treatment of critically ill patients, including ventilators and Intensive Care Units (about USD38 million) and help the Government extend the program of low-income family allowances and provide one-off unemployment benefits (USD57 million); (ii) 30 April 2020, USD200 million in additional development policy financing to support Uzbekistan’s ongoing health, social, and economic policy responses to the crisis caused by the COVID-19 pandemic; (iii) 18 May 2020, USD375 million under the IMF's Rapid Financing Instrument (RFI) and Rapid Credit Facility (RCF); (iv) 26 May 2020, USD3.9 million from USAID to prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, bolster risk-communications, and more; (v) 26 May 2020, USD17.16 million from the Islamic Development Bank to finance purchasing of medical supply and equipment for the specialized medical facility of 10,000 beds for treatment of the COVID-19 infected patients in Tashkent; (vi) 28 July 2020, USD902,000 worth of medical and laboratory equipment from the United States Centers for Disease Control and Prevention (CDC) to Uzbekistan’s Ministry of Health; (vii) 6 November 2020, USD4.08 million from the World Bank - Additional Financing Emergency COVID-19 Response Project.
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown|
|11 - Other Economic Measures||
(i) No amount/estimate: Export ban on masks and medical suits; (ii) Reduction of import duties on some consumer products such as flour, poultry, dairy, sugar, vegetable oils, and hygiene products.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) 15 March 2020, Under the state of emergency, all travel was restricted, with all borders closed except for trade. Domestic tourism officially resumed on 1 June 2020. On 15 June 2020, Uzbekistan also restarts international flights to the countries with improved epidemiological situations. As of 1 October 2020, all incoming and outgoing international transportation is now allowed, although certain countries still have to provide medical documents and/or negative test results. As of 15 March 2021, mandatory COVID-19 testing at the borders has been lifted.
|12B - Measures affecting business and workplace||
(i) 15 March 2020, As part of the state of emergency, schools, universities, and businesses were closed. Public events were prohibited; (ii) 1 July 2020, A partial reopening that had been underway was stopped, and restrictions reinstated, as the number of new cases accelerated; (iii) 24 March 2021, Restrictions on mass cultural events and wedding ceremonies will be reintroduced starting 1 April.
|12C - Others||
(i) 15 March 2020, The government declared a state of emergency when the first positive case was reported; (ii) No amount/estimate: 21 June 2020, Foreign tourists who contract COVID-19 in Uzbekistan will receive USD3,000.