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In Japan on September 9, Kyrgyzstan’s Minister of Energy, Taalaibek Ibrayev, met with Ken Saito, Japan's Minister of Economy, Trade and Industry, who oversees the country's energy policy. The two ministries signed a memorandum of cooperation to implement joint projects in green energy. The aim of the new partnership is to expand energy cooperation between Japan and Kyrgyzstan, and developing sectors such as energy efficiency, renewable energy, hydrogen energy, ammonia, carbon recycling, and high-efficiency electricity generation. While visiting Japan last November, Kyrgyzstan's President Sadyr Japarov held talks with Japanese Prime Minister Fumio Kishida. Cooperation in the energy sector was one of the issues that they discussed. During the visit, Japarov invited Japanese companies to use the opportunities and potential for cooperation with Kyrgyzstan to develop renewable energy sources and construct hydropower plants.
Although the season has yet to officially open, cotton harvesting is already underway in Turkmenistan. As reported by Azatlyk correspondents, workers, including budgetary employees in the Lebap province, are being watched by Ministry of National Security (MNS) officers. These officers, tasked with preventing information about forced labor being leaked, have forbidden the use of cell phones in the fields. Turkmenistan has long been criticized for its use of forced labor on cotton plantations, and authorities continue to hide the reality. The increased control by security agencies coincides with a briefing in Ashgabat on measures discussed in collaboration with the International Labor Organization (ILO), to eradicate child and forced labor. Despite official bans, including an order issued by Labor Minister Muhammetseyit Sylabov in July this year prohibiting the employment of children under 18, child labor continues in some regions, including Kerki and Chardjev etraps, and teachers confirm that high school students, with their parents' consent, participate in cotton picking. At the same time, cotton pickers complain about underpayment. Employers also repeatedly renege on promised rates of pay and in Lebap, citing the poor quality of the cotton harvested, are known to withhold up to 50% of their workers' salaries, leading to inevitable conflict. Despite orders issued by the authorities to increase pickers' wages in accordance with the state's procurement prices for cotton, the workers' situation shows no sign of improving.
As of September 1, Uzbekistan's international reserves reached $39.15 billion. This reserve value is a record indicator for after 2018 when data disclosure began. In August, the value of international assets increased by $1.75 billion, or about 4.7%, compared to July's increase of $1.06 billion. This increase was mainly due to gold. Although the net physical volume of gold in official reserves decreased from 12.1 ounces to 12 ounces during August, the metal's price on the world market has increased significantly. Due to this, the value of the gold part of reserves increased by $1.24 billion or 4.4% to $30.39 billion in one month. Since the beginning of 2024, the price of gold has risen by 20% on the world market. Last month, the price of standard gold bullion exceeded a million dollars for the first time in history. Uzbekistan was one of the countries that bought the most gold in July. In August, reserve assets in foreign currencies increased from $7.68 billion to $8.19 billion (+ $503.1 million). Uzbekistan’s gold-currency reserves have increased by $4.59 billion or 13.3% since the beginning of the year. The Times of Central Asia previously reported that Uzbekistan’s gold reserves reached $37.4 billion in August.
The Ministry of Finance of Kyrgyzstan has published a forecast of total revenue for the next five years, indicating that by 2029, the country's state budget revenue will grow to KGS 655 billion ($7.8 billion). At the end of 2024, Kyrgyzstan's state budget surplus will amount to KGS 11.2 billion ($131.7 million), while revenue this year amounted to KGS 414 billion ($4.8 billion). As previously reported by TCA, the introduction of cash registers and the fight against crime have impacted on growth. Another contributing factor was mentioned by Head of the Cabinet of Ministers, Akylbek Zhaparov, who stated, “In fiscal policy, we are adopting technology that is fit for the times. Taxpayers are pleased with these changes. They no longer have to wait in queues; they can quickly file reports and receive the necessary documents online.” He also commended the promotion of domestic and foreign investments and the development of Kyrgyzstan's industrial sector which facilitate the growth of the republic's economy and, in turn, state budget revenue: “Since the beginning of 2024, 29 enterprises have been put into operation. Major projects are being implemented, such as constructing the Kambarata hydroelectric power plant and the China-Kyrgyzstan-Uzbekistan railroad. There are plans to develop the tourism sector." The Kyrgyz Finance Ministry said in a report that the annual growth in state budget revenue will provide a surplus which will be used to repay public debt. The state budget is currently projected to receive KGS 414.5 billion ($4.8 billion) in 2024, KGS 465 billion ($5.4 billion) in 2025, KGS 505 billion ($5.9 billion) in 2026, and KGS 655 billion ($7.7 billion) in 2029. In a statement to TCA, the Finance Minister explained, “Large expenditures are projected for the medium term to pay down public debt. The projected budget surplus will be used for expenditures related to activities of economic orientation and covering the state's liabilities."
The United States supports Tajikistan’s participation in the Trans-Caspian Trade Route project, connecting China with Europe through the Caspian Sea, Asia, and the Caucasus. U.S. Ambassador to Tajikistan Manuel Micaller spoke about this in an interview with Khovar.tj. “We continue to advocate for Tajikistan’s participation in the Trans-Caspian Trade Route, which will connect Central Asia with the Caucasus and European markets. Through the C5+1 diplomatic platform, which brings together the United States and our five Central Asian partners, we hope to facilitate closer cooperation with these partners and access to global markets,” Micaller noted. The Trans-Caspian Transport Route starts from Southeast Asia and China and runs through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia, and further to European countries. It aims to facilitate trade and economic cooperation by connecting major economic regions through railways, highways, and maritime routes. Transit time along the Trans-Caspian Route has been reduced from 38-53 days to 18-23 days. In 2024, this period is planned to be reduced to 14-18 days, and the journey through the territory of Kazakhstan from 6 to 5 days.
According to Kun.uz, based on data issued by the Ministry of Economy and Finance of Uzbekistan, as of July 1, 2024, the state debt of Uzbekistan - $30.9 billion foreign and $6.1 billion domestic - exceeded $37 billion for the first time. For comparison, as of July 1, 2023, the state debt amounted to $31 billion 628 million, indicating an increase of $5.4 billion or 17% in just one year. As stated in the report, the growth rate of Uzbekistan’s foreign debt has increased sharply in recent years. In particular, at the end of 2017, the state debt amounted to $11.6 billion, and by the end of 2023, reached $34.9 billion, a threefold increase. By the end of the first half of the year, 42% of the total state external debt ($13 billion) was allocated to budget support, 19% ($5.7 billion) to the fuel and energy sector, 9% ($2.7 billion) to transport and transport infrastructure, and 9 % to agriculture and water management ($2.7 billion.)
