• KGS/USD = 0.01181 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09411 0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09411 0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09411 0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09411 0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09411 0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09411 0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09411 0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09411 0.11%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 7746

Kazakhstan, Turkmenistan and Afghanistan Plan New Railway Line

On July 20, government representatives from Kazakhstan, Turkmenistan, and Afghanistan gathered in Aktau, Kazakhstan, to discuss the construction of a new railway line running from the Turkmenistan border through Afghanistan to Pakistan via Turgundi—Herat—Kandahar—Spin Buldak, The joint implementation of the project was proposed by head of the Agency for Transport and Communications of Turkmenistan, Mammetkhan Chakyev, who also announced that Turkmenistan and the Afghan side had already agreed  to create a logistics centre in Turgundi, a border town in northern Herat Province of Afghanistan.  Construction is due to commence shortly and once in operation, will provide facilities for the transhipment of grain, rail containers, and other cargo. Kazakhstan's invitation to participate in the project rests on its production of high-quality railway tracks and as stated by Chakyev, “Turgundi-Herat is not only the construction of a railway but also the further development of freight traffic and the attraction of goods in this direction. With the participation of the Kazakh side, we can significantly increase the attractiveness of this corridor." Afghan representatives stating their readiness to forward the transport of goods from Kazakhstan and Turkmenistan to Pakistan, highlighted the effectiveness of the route for all concerned as well as the benefits it afforded to importing Chinese goods through Kazakhstan and Turkmenistan. Kazakhstan’s Deputy Prime Minister Serik Zhumangarin announced his support for Turkmenistan's proposal for the joint construction of the new railway route and its provision of a western corridor from Afghanistan to Pakistan and India.

Mark Cavendish, British Cyclist from Astana Qazaqstan Team, Takes Record Stage Win

British cyclist Mark Cavendish made history at this year’s Tour de France, which he was said was probably his last race. Cavendish, currently riding for the Astana Qazaqstan Team, set the record for winning the most career stages (35) at cycling’s biggest event. The tour ended Sunday with Slovenian Tadej Pogacar of UAE Team Emirates as the overall winner. But Cavendish’s record-breaking performance was one of the main story lines of the 2024 Tour de France, which broke with tradition and ended in Nice because the usual finishing area, in or near Paris, is preparing for the Olympics (July 26-Aug. 11).  In 2021, Cavendish drew level with Belgian Eddy Merckx’s record of 34 stage wins at the Tour de France, but another win eluded him in the following years. He signed up with Astana Qazaqstan for 2023, but dropped out of that year’s Tour de France after a fall. On the verge of retirement, he stayed with Astana Qazaqstan for another try at breaking the record. On July 3, it happened when he won the fifth stage of the Tour de France.   “It’s hard to fully grasp this success, but we worked towards it, and as a team, we did everything possible to make it happen,” 39-year-old Cavendish said.   “Few believed that we would succeed, that Mark’s arrival in Astana Qazaqstan Team would change history, but we believed and did everything to make today’s victory happen,” said Alexandr Vinokurov, general manager of the team. “We were close to this last year, but fate had other plans. I believe that real champions should not end their careers after a fall and injury, and I am happy that Mark decided to do another season in the end.”  Cavendish won his first Tour de France stage in 2008. Merckx, a five-time winner of the Tour de France, retired from racing in 1978. This month, Chinese company XDS, one of the world’s biggest bicycle makers, said it will invest in the Astana Qazaqstan Team for at least five years, according to a team statement.  

IMF: Uzbekistan’s Foreign Debt to Decrease by 10% in 2029

 According to a new  report issued by the International Monetary Fund,  in recent years and against uncertainties from the pandemic and Russia’s war in Ukraine, Uzbekistan's rapid growth in economy is set to continue in tandem with a significant decline in poverty. Despite a slowdown in the development of trade partners and the removal of the fiscal stimulus in 2023, a strong economic growth is predicted for this year and supported in the medium term, by the completion of budgetary consolidation, ongoing structural reforms, and continuing capital inflows, demonstrates the government’s commitment to promoting market-oriented reforms to further Uzbekistan’s economic development. Challenges still remain, however, in the large state footprint in the economy and last year’s expansionary fiscal policy, which the authorities determined to persevere in their reform efforts, must address to advance sustainable and inclusive growth. The monetary policy which has reduced inflation must continue until it reaches the Central Bank of Uzbekistan's target. Sustaining a high real policy rate, tight fiscal and macro-prudential policies, and supportive structural reforms would gradually reduce inflation to the target by the end of 2027 and the CBU should stand ready to increase its policy rate if the energy price reform leads to broader price pressures and raises inflation expectations. The government should continue efforts to accelerate the restructuring and privatization of state enterprises, eliminate preferences for state-owned enterprises and unbundle large enterprises to increase competition and improve the business environment. The authorities are accelerating efforts for WTO accession and undertaking measures to bolster external competitiveness and export diversification; opening markets and reducing monopolies would boost growth and help reduce inflation. According to the IMF’s analysis, it will reach 60.1% of GDP at the end of 2024, and the country's total external debt is expected to decrease to 51% of GDP by 2029. Similarly, from 33% of GDP at the end of 2024, government-guaranteed external debt is likely to decline to 27% by 2029. Several factors contribute to these positive statistics. The government of Uzbekistan aims to limit the budget deficit to 3% of GDP by introducing annual limits on the budget deficit and new debts. In addition, the 2023 public debt law limits state-guaranteed debt to 60% of GDP, with proposals for debt reduction if it reaches 50%. As stated in the report, the authorities emphasized their commitment to maintaining a moderate level of debt and noted that the government’s goal of reducing and maintaining the medium-term fiscal deficit at 3% of GDP would send purchasing power parity and external borrowing as a share of GDP downwards

A Eurasian Perspective on the Historic Conviction of U.S. Senator Bob Menendez

On July 16, a federal court in New York found United States Senator Robert "Bob" Menendez (D) guilty on 16 counts in a corruption trial, including charges of accepting bribes to benefit the governments of Egypt and Qatar, obstruction of justice and extortion. He is the first U.S. senator to be convicted as a foreign agent and the charges collectively carry a potential sentence of 222 years in prison. Bribery charges involved receiving gold bars worth over $100,000 and more than $480,000 in cash as well as a Mercedes-Benz for his wife. “This wasn't politics as usual. This was politics for profit,” summarized Damian Williams, an attorney for the Southern District of New York. According to federal prosecutors, among other things, Menendez helped secure millions of dollars of U.S. aid for Egypt and used his office to assist a multi-million-dollar deal with a Qatari fund. Egypt’s intelligence and military officials are said to have bribed him and his wife at a time when U.S. military aid to the country would have paused due to human rights concerns. Menendez also used his official position “to protect and enrich” individuals in exchange for payments, including helping a New Jersey businessman secure a halal certification monopoly with regards to U.S. meat exports to Egypt. Striking similarities to another recent “influence-for-sale” scandal For many Europeans, this U.S. case resembles the European Union’s own Qatargate scandal, which broke out in 2022 and unveiled how foreign governments (Qatar, Morocco and Mauritania) have been channeling hundreds of thousands of euros to a ring of elected European Parliament officials who, in turn, were leveraging their authority to benefit these clients. The services included “attempts to manipulate the Parliament” and “scheming to kill off six parliamentary resolutions condemning Qatar’s human rights record” as Politico reports. In his plea deal, Antonio Panzeri, the chief of the European Parliament's Subcommittee on Human Rights (DROI), admitted to receiving bribes as well as to leading and participating in a criminal organization. This criminal organization reportedly doled out bribes to EU officials through two NGOs named Fight Impunity and No Peace Without Justice, which were allegedly set up to launder money and help fund the scheme. In Menendez’s case, the money ran through his wife’s consultancy. Qatargate allegations extended beyond the Middle East and North Africa. For instance, Atlantico.fr reported that Panzeri and his associates may have been corrupted by at least two Kazakh criminal figures. Europeans appeared lenient on corruption as Panzeri only received a five-year prison sentence, of which four would be suspended and the one year he’d serve would be under house arrest with an electronic bracelet. Momentum behind investigations of key suspects has since waned, leading the EU Observer to call Qatargate “a missed opportunity to bring Europe to justice”. Foreign policy priorities pushed by Senator Menendez need to be re-examined When public officials are found to have used their office to promote external interests, their past policy activities should be closely examined. Bob Menendez has been a member of...

Kazakhstan, Iran, Turkmenistan and Russia to Develop North-South Transport Corridor

On July 19 - 20, the Ministry of Transport of Kazakhstan organized its first meeting on the North-South transit and trade corridor in Aktau attended by delegations from Azerbaijan, Armenia, Afghanistan, Kazakhstan, Russia, Belarus, Turkmenistan, UAE, Iran, Iraq, Oman, and Uzbekistan. By connecting Russia and Belarus to ports in the Persian Gulf, with further access to India, the North-South transport corridor will broaden prospects for trade and become a key engine for Kazakhstan's economic development. During the meeting,  Kazakhstan, Iran, Turkmenistan, and Russia signed a roadmap for the development of the eastern route of the North-South transport corridor from 2024 to 2025, aimed to increase the corridor's throughput to 15 million tons of cargo annually by 2027 and 20 million tons by 2030. Kazakh Minister of Transport Marat Karabaev commented: “Kazakhstan intends to continue its active participation in the development of the Eastern branch of the North-South corridor, which has the highest potential for growth in cargo flows until 2030 and appears to be the safest and shortest transit route to the Indian Ocean. Therefore, it is necessary to begin the practical implementation of the Roadmap signed today for the synchronous development of the eastern route of the North-South corridor passing through the territories of Kazakhstan, Russia, Turkmenistan, and Iran.”

Chinese Company Opens Genetic Laboratory in Astana

Kazakh Invest has reported that the opening ceremony of the Astana Genetic Center laboratory of the Chinese company BGI Group took place in Kazakhstan’s capital, Astana, on July 19. BGI Group, a world leader in genome research of living organisms, has over a hundred joint laboratories, medical centers, and production facilities in more than 30 countries. The opening ceremony was attended by Yin Ye, CEO of BGI Group; Kunsulu Zakariya, Advisor to the President of Kazakhstan on Science and Innovation; Akmaral Alnazarova, Kazakhstan’s Minister of Health; and Saule Sabyr, First Secretary of the Investment Committee of the Kazakh Ministry of Foreign Affairs. BGI Group opened the laboratory jointly with a local partner, scientific and production company BIOGEN Technopark LLP. The laboratory will conduct various molecular genetic tests related to reproductive health and diagnosis of hereditary and oncological diseases. The Astana Genetic Center is the only full-cycle laboratory in Kazakhstan capable of conducting all stages of genetic research without taking biomaterial abroad.