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||
No amount/estimate: April 14, Uzbekistan’s central bank cut policy rates by 100bps, from 16% to 15%. On September 8, this was further reduced to 14%. [update]
|02C - Loan guarantees|
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline|
|03B - Forbearance||
No amount/estimate: (i) The Central Bank suggested banks defer loan payments for firms in sectors affected by COVID-19; (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 - Government support to income/revenue||UZS9,247,220,000,000||USD967,867,602||
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. [update]
|05A - Health||
No amount/estimate: Expand funding for healthcare, including for (i) medicines, (ii) the costs of quarantines, and (iii) salary supplement for medical employees.
|05B - Non-health||UZS307,000,000,000||USD32,132,398||
No amount/estimate: (i) Increase the number of low-income families receiving social benefits; (ii) Provide assistance to affected businesses via interest subsidies; (iii) Finance public works in different regions to improve infrastructure and support employment; (iv) Temporary reduction of social contributions for individual entrepreneurs; (v) Postponing surcharges on tourism, property tax, and land tax; (vi) Extending the moratorium on tax audits; (vii) Delaying tax declarations for 2019 income taxes (until August); (viii) The central government also asked local governments to (a) reduce taxes by 30%; and (b) provide a 6-month grace period on paying property tax. (ix) As of June 10, under the “Generosity and Support” Fund, over 540,000 families have received assistance amounting to UZS307 billion.
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received||UZS13,317,073,113,240||USD1,393,842,000|
|08A - Swaps info_outline|
|08B - International loans/grants||UZS13,317,073,113,240||USD1,393,842,000|
|08B1 - Asian Development Bank||UZS6,705,915,933,600||USD701,880,000||
(i) Primary Health Care Improvement Project (USD19.5 million); (ii) Nonsovereign Operations: Trade Finance Program (Additional Financing) (USD78.93 million, with an additional USD16.55 million co-financed) [update]; (iii) Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD1.69 million); (iv) June 3, Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (Additional Financing) - USD0.07million; (v) June 25, COVID-19 Active Response and Expenditure Support - USD500 million; (vi) July 1, Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions - USD0.15 million; (vii) July 13, Addressing Health Threats in the Central, West, and East Asia Region - USD0.38 million; (viii) July 30, COVID-19 Response and Healthcare Improvement Project - USD100 million; (ix) July 24, Due Diligence and Capacity Development of Trade Finance Program Banks - USD0.21 million; (x) August 4, Assessment of Socio-economic Impacts of COVID-19 and Institutional Strengthening for Policy Responses - USD0.65 million; (xi) August 14, Economic Management Improvement Program (Subprogram 1 Additional Financing) - USD0.3 million.
|08B2 - Other||UZS6,611,157,179,640||USD691,962,000||
World Bank: April 24, USD95 million financing package (i) 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) April 30, 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) May 18, USD375 million under the IMF's Rapid Financing Instrument (RFI) and Rapid Credit Facility (RCF); (iv) As of May 26, 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) As of May 26, USD17.16 million from the Islamic Development Bank to finance purchasing of medical supply and equipment for the specialised medical facility of 10,000 beds for treatment of the COVID-19 infected patients in Tashkent; (vi) July 28, 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.
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown|
|11 - Other Economic Measures|
|12 - Non-Economic Measures||
(i) Restricting travel (including international flights, domestic public transportation, and movement by car); (ii) Closing borders (except for trade), closing schools and universities and all stores except grocery stores and pharmacies; (iii) Quarantine and self-isolation measures; (iv) Cancelling public events and religious gatherings; (iv) Uzbekistan will keep quarantine and zoning or red, yellow and green zones depending upon coronavirus situation until August 1; (v) Uzbekistan restarts international flights to the countries with improved epidemiological situation since June 15. Flights are allowed to diplomats, specialists of foreign companies working in Uzbekistan in investment projects, people crossing the country by transit, foreign citizens registered in Uzbekistan and citizens of Uzbekistan registered abroad.