Central Asia & Caucasus

Uzbekistan to allocate over $3 billion to support enterprises amid COVID-19 outbreak

Uzbekistan President Shavkat Mirziyoyev on April 9 ordered the country’s central bank to allocate US $3.1 billion through banks to support domestic enterprises working capital, Xinhua news agency reported with reference to the president’s press service.

When the coronavirus quarantine is lifted, many enterprises will require considerable time and money to restore their production and in this regard, the Central Bank was instructed to ensure the allocation through banks of 30 trillion soums ($3.1 billion), the press service said.

Banks were also recommended to fund small businesses to create jobs and to stimulate self-employment at home.

Uzbekistan’s Health Ministry reported 624 confirmed cases of COVID-19 as of the morning of April 10.

The Uzbek government has effectively locked down all major cities including the capital city, Tashkent, over the coronavirus outbreak.

During a videoconference session to discuss issues of supporting entrepreneurship in the context of countering the crisis caused by the coronavirus pandemic, held on April 3, President Mirziyoyev said that “no entrepreneur will be left alone in trouble,” the presidential website reported.

Mirziyoyev stressed at the meeting that the businesses facing the consequences of the pandemic most severely need to be worked with individually. Business executives who are faced with financial difficulties should not face red tape and have to go to banks and tax departments to receive benefits.

Source: TCA

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