• KZT/USD = 0.00226
  • TJS/USD = 0.10820
  • UZS/USD = 0.00009
  • TMT/USD = 0.29760
  • KZT/USD = 0.00226
  • TJS/USD = 0.10820
  • UZS/USD = 0.00009
  • TMT/USD = 0.29760
  • KZT/USD = 0.00226
  • TJS/USD = 0.10820
  • UZS/USD = 0.00009
  • TMT/USD = 0.29760
  • KZT/USD = 0.00226
  • TJS/USD = 0.10820
  • UZS/USD = 0.00009
  • TMT/USD = 0.29760
  • KZT/USD = 0.00226
  • TJS/USD = 0.10820
  • UZS/USD = 0.00009
  • TMT/USD = 0.29760
  • KZT/USD = 0.00226
  • TJS/USD = 0.10820
  • UZS/USD = 0.00009
  • TMT/USD = 0.29760
  • KZT/USD = 0.00226
  • TJS/USD = 0.10820
  • UZS/USD = 0.00009
  • TMT/USD = 0.29760
  • KZT/USD = 0.00226
  • TJS/USD = 0.10820
  • UZS/USD = 0.00009
  • TMT/USD = 0.29760
28 September 2026

Our People > Stephen M. Bland

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Stephen M. Bland

Managing Editor and Head of Investigations

Stephen M. Bland is a journalist, author, editor, commentator, and researcher specializing in Central Asia and the Caucasus. Prior to joining The Times of Central Asia, he worked for NGOs, think tanks, as the Central Asia expert on a forthcoming documentary series, for the BBC, The Diplomat, EurasiaNet, and numerous other publications.

His award-winning book on Central Asia was published in 2016, and he is currently putting the finishing touches to a book about the Caucasus.

Articles

Turkmenistan Marks 35 Years of Independence Amid Reports of Shortages

Turkmenistan marked 35 years of independence on September 27 with a military parade and mass celebrations in Ashgabat. The festivities followed independent reports of food shortages and disrupted public transport in the capital. President Serdar Berdimuhamedov attended the parade at the State Tribune complex, where military units and armored vehicles passed before the country’s leaders. The official account described mounted formations and a simultaneous naval display on the Caspian Sea. A civilian procession followed, with decorated floats representing the country’s regions and economic sectors. Performers in traditional dress joined the celebrations, while the government presented Berdimuhamedov with an Akhal-Teke horse named Vatan. The anniversary program had begun before the holiday itself. On September 26, Berdimuhamedov attended a concert at Ashgabat’s Congress Center. According to state media, the performance included patriotic songs celebrating the president and his father, Gurbanguly Berdimuhamedov, who chairs the Halk Maslahaty. Official coverage presented the anniversary as a demonstration of national unity and economic progress. The celebrations also provided an occasion for state awards, while the president signed a decree pardoning 1,054 convicted Turkmen citizens ahead of the anniversary, according to a September 26 government report. He instructed the defense minister and law enforcement officials to arrange for their release and return to their families. The report did not provide a breakdown of their convictions. A separate decree declared September 28 a non-working day and moved the day off falling on Sunday, September 27, to September 29, extending the holiday break through Tuesday. However, independent reporting from Ashgabat described pressures on everyday life during preparations for the anniversary. On September 22, Chronicles of Turkmenistan reported reduced supplies of meat and rising food prices in the capital. Its correspondents said chicken legs usually sold for 16 manats per kilogram ($4.57 at the official rate) had become difficult to find. Chicken previously priced at 35 manats per kilogram was available only intermittently at the Paýtagt shopping center, where it now cost 39 manats. Vegetables and potatoes had also become more expensive. Chronicles of Turkmenistan attributed this partly to reduced supplies from neighboring Iran. The reports reflect a longer-running pattern. The Times of Central Asia previously documented shortages and rationing in state food stores, where subsidized staples remained scarce despite rising prices. In a separate September 21 report, Chronicles of Turkmenistan said many of Ashgabat’s buses had been diverted to preparations for Independence Day and the September 23 Halk Maslahaty meeting. Vehicles were carrying performers and other participants to rehearsals, while ordinary passengers faced long waits. The report described overcrowded services during rush hour, and said some taxi drivers had doubled short-distance fares from 10 to 20 manats per passenger. Turkmenistan declared independence from the Soviet Union on October 27, 1991. The authorities moved the annual holiday to September 27 in 2018, so this year’s official celebrations preceded the historical anniversary by one month.

8 hours ago

Pannier and Hillard’s Spotlight on Central Asia: New Episode Out Now

As Managing Editor of The Times of Central Asia, I’m delighted that, in partnership with the Oxus Society for Central Asian Affairs, we are the home of the Spotlight on Central Asia podcast. Chaired by seasoned broadcasters Bruce Pannier of RFE/RL’s long-running Majlis podcast and Michael Hillard of The Red Line, each fortnightly instalment will take you on a deep dive into the latest news, developments, security issues, and social trends across an increasingly pivotal region. This week, the team looks at how a military tragedy on the Caspian is creating political shockwaves across Kazakhstan; a whole series of military exercises taking place across the region; a major leadership change inside one of Central Asia's opposition movements after nearly two decades under the same figure; and all five Central Asian leaders travelling to Seoul for the latest C5+1 meeting, with only one of them then continuing on to Washington for the UN meetings. We'll also be looking at a new military pact between Azerbaijan and one of the Central Asian states, an agreement that could have serious implications for Russia's role in the region. And then, for our main story this week, we'll be looking back at 35 years of Turkmen independence, how the country has changed over that period, and why there are growing signs that those changes may now be accelerating. Special guest: Luca Anceschi, Professor of Eurasian Studies at the University of Glasgow and the author of several books on Central Asian politics and foreign policy.

10 hours ago

Rubio to Lead Major U.S. Business Delegation to Uzbekistan for C5+1 Talks

U.S. Secretary of State Marco Rubio will lead a delegation including executives from more than 100 American companies to Uzbekistan in October. The visit will bring a substantial business contingent to talks with Central Asia’s foreign ministers in Samarkand. Sergio Gor, the U.S. special envoy for South and Central Asia, announced the visit in a statement published by the U.S. Embassy in India. Gor said the talks would focus on “deepening regional economic connectivity, enhancing energy security,” alongside cooperation on shared regional priorities. The delegation is expected in mid-October, alongside a C5+1 ministerial meeting. The C5+1 format brings together the United States and Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Bringing executives from more than 100 companies gives Rubio’s visit a substantial commercial component. The delegation’s composition should indicate which sectors Washington is ready to back following last year’s C5+1 agreements. In November 2025, Rubio announced his intention to visit all five Central Asian countries in 2026. Speaking ahead of the Washington C5+1 summit, he suggested such a tour could take a week. The Samarkand announcement gives a destination and timeframe for his regional engagement, although it does not establish an itinerary covering all five states. President Donald Trump hosted the five Central Asian presidents in Washington on November 6, 2025. Commercial agreements featured prominently in the summit, reflecting a greater focus on investment within the C5+1 framework. The U.S. Commerce Department said the “Deal Zone” business event held alongside the November 2025 C5+1 summit featured more than $25 billion in announced commercial deals. Air Astana’s agreement covered up to 15 Boeing 787-9 aircraft, comprising five firm orders, five options, and five purchase rights. Tajikistan’s Somon Air announced plans to acquire up to four Dreamliners and ten 737 MAX jets. Uzbekistan Airways finalized an order for eight additional Boeing 787-9 aircraft during the summit. Boeing said the purchase brought the airline’s total order to 22 Dreamliners, converting options from an earlier agreement into firm orders. In mining, Cove Capital and Kazakhstan’s Tau-Ken Samruk agreed to develop the Severny Katpar and Verkhne Kairakty tungsten deposits. The projected $1.1 billion investment includes two processing plants and a metallurgical facility. Kazakhstan’s technology announcements included a memorandum for $2 billion in advanced AI-chip procurement, involving NVIDIA, Freedom Holding, and the country’s digital ministry. Critical minerals cooperation has also advanced since the Washington summit. During a February 4 visit to the U.S. capital, Uzbek Foreign Minister Bakhtiyor Saidov attended a ministerial meeting devoted to the sector and held talks with Rubio. Saidov and U.S. Deputy Secretary of State Christopher Landau signed a memorandum on mineral supplies, covering the mining and processing of critical minerals and rare earths. Uzbekistan’s Foreign Ministry said the country was seeking foreign technology and investment to develop the industry, with an emphasis on value-added production. For Tashkent, the unresolved question is how much mineral processing American investors will finance inside Uzbekistan. October’s talks could clarify whether February’s memorandum will lead to domestic processing facilities, allowing the country to retain more of the...

3 days ago

At Least Nine Kazakh Servicemen Killed During Caspian Sea Exercises

At least nine Kazakh servicemen have died during naval exercises in the Caspian Sea on September 24, Kazakhstan’s Defense Ministry said. Search operations continued after strong winds carried military personnel out to sea in the western Mangistau region. The ministry’s initial statement said 19 servicemen had been swept away following a sudden deterioration in weather conditions. Three were rescued, including one who was hospitalized. The ministry confirmed nine deaths and said rescuers were searching for the others. A subsequent report by Ulysmedia said its correspondent at the scene had reported the recovery of 12 bodies. That figure had not been officially confirmed. The report said divers were searching underwater while two helicopters assisted from above. The Prosecutor General’s Office announced a criminal investigation into the deaths, with an investigative team formed to establish the circumstances of the incident. Prime Minister Olzhas Bektenov also established a government commission, chaired by Deputy Prime Minister Kanat Bozumbayev. Bektenov instructed him to travel immediately to the scene, oversee a comprehensive investigation, and arrange assistance for the bereaved families. The Defense Ministry separately dispatched a commission led by Defense Minister Dauren Kosanov. Naval units and emergency services joined the search, with aviation support. The ministry said the families of those killed would receive assistance. Two days earlier, the ministry had announced the start of the Khazar Korgany-2026 exercises in Kazakhstan’s sector of the Caspian Sea. More than 500 personnel were involved, alongside naval vessels and coastal units. However, the ministry’s initial account of the deaths did not identify the exercise by name. The deaths come amid continuing concern over peacetime fatalities in Kazakhstan’s armed forces. The circumstances of the Caspian incident remain under investigation, including how the servicemen became stranded in the water. By order of the Head of State, a day of national mourning has been declared for September 25, 2026.

4 days ago

At the UN, Mirziyoyeva Champions “Human Dignity” as Central Asia Seeks a Greater Voice

Uzbekistan called for a more effective United Nations and sought support for its Security Council candidacy during the General Assembly’s September 23 debate. Delivering the national address, presidential administration chief Saida Mirziyoyeva urged countries to work together despite deepening international divisions. “Our choice is human dignity,” said Mirziyoyeva. “Openness does not mean weakness.” Speaking in Uzbek at the Assembly’s 81st session in New York, she argued that a country’s strength should be judged by its ability to protect people’s rights and interests. The message offered a basis for cooperation beyond competing geopolitical camps, with particular emphasis on young people’s opportunities to study and shape their futures. [caption id="attachment_56825" align="aligncenter" width="1774"] Image: Saida Mirziyoyeva/Telegram[/caption] A Larger Role at the UN Mirziyoyeva sought support for Uzbekistan’s candidacy for a nonpermanent Security Council seat in 2035–2036. She also highlighted the country’s forthcoming chairmanship of the Non-Aligned Movement in 2027, presenting it as an opportunity to widen dialogue during a period of international tension. She backed the secretary-general’s UN80 reform initiative and an expanded Security Council, arguing that the organization needed greater capacity to prevent conflict and implement its decisions. Her appeal was for international rules that apply consistently, rather than changing with the interests of powerful states. That concern also ran through Kyrgyz President Sadyr Japarov’s address, although he focused on unilateral sanctions and their impact on developing countries. The two speeches approached the issue differently, but both sought stronger multilateral protections for states with limited influence over the restrictions and conflicts affecting them. Kyrgyzstan has already secured its first Security Council seat for 2027–2028, giving Bishkek a vote on the sanctions and security decisions Japarov criticized. Afghanistan and Regional Cooperation Mirziyoyeva pointed to improving relations among neighboring Central Asian states as evidence that political will can help resolve longstanding disputes. She said disagreements over borders and water had increasingly given way to cooperation, with countries coming to see one another as partners. She applied the same argument to Afghanistan, warning against treating the country solely as a source of danger or abandoning its people to their difficulties. Her emphasis was on giving Afghans the prospect of peaceful development. Kazakhstan’s UN agenda also extends to Afghanistan through the regional Sustainable Development Goals center in Almaty, established to serve Central Asia and Afghanistan. Alongside its longstanding nuclear disarmament priorities, Kazakhstan is promoting cooperation on water security and has proposed an international water organization within the UN system. Measuring Progress in People’s Lives Mirziyoyeva linked her foreign policy message to Uzbekistan’s domestic reforms, citing economic growth and wider access to education. She said the economy had expanded from $50 billion to $147 billion over a decade and that poverty had fallen to 4%, presenting the figures as evidence of improvements in living standards. “The true value of reforms is reflected in people’s lives. Especially in children’s lives,” she said. She outlined forthcoming discussions with the UN Population Fund on demographic stability and human capital, and an international gathering in Samarkand in October focused on children’s...

4 days ago

Uzbekistan Wins First Gold as Record Team Competes at Asian Games

Uzbekistan has claimed its first gold medal at the Aichi-Nagoya Asian Games, where it is fielding its largest-ever delegation, according to the country’s National Olympic Committee. Abdulvakhob Rashidov won the men’s under-67kg karate title on September 21, defeating Japan’s Yugo Kozaki in the final. His victory opened Uzbekistan’s gold medal account at the competition in Japan. Further medals followed on September 22. Darya Latysheva took silver in wushu with a score of 19.413 points, securing her third career Asian Games medal. Firdavs Atamuradov also won silver in mixed martial arts, losing to Tajikistan’s Mirzobek Umarov in the under-60kg final. The early results come as Uzbekistan expands its participation in the continental competition. The NOC announced a team of 396 athletes across 42 sports, describing it as the country’s largest Asian Games squad. Its press release puts the delegation at 224 men and 172 women. The larger team follows Uzbekistan’s fifth-place finish at the previous Asian Games in Hangzhou, held in 2023. Uzbekistan won 71 medals, including 22 golds, after sending more than 370 athletes to compete across 38 sports. This year’s delegation therefore extends the country’s participation into four additional sports. The Aichi-Nagoya Games opened on September 19 and continue through October 4. Uzbekistan’s results over the remaining competition will determine whether its expanded delegation can improve on the Hangzhou medal haul. A separate Uzbek delegation of 153 athletes is due to compete at the Asian Para Games, according to the NOC’s press release. That competition will take place in Japan from October 18 to 24, with events across 18 Para sports.

5 days ago

Central Asia at the UN: Iran Threats and Sanctions Disputes

U.S. President Donald Trump’s threat to “annihilate” Iran brought the vulnerability of Central Asia’s southern trade routes into focus as the UN General Assembly’s general debate opened in New York. Kyrgyz President Sadyr Japarov challenged unilateral sanctions, while diplomacy over Ukraine raised the prospect of a halt to attacks on energy infrastructure. For landlocked Central Asia, these developments carry consequences far beyond the speeches. Iranian ports provide access to overseas markets, Kyrgyzstan and Tajikistan rely heavily on fuel from Russian refineries, and restrictions on international payments can complicate commerce even where transport links remain intact. Iran and Access to the Sea Addressing the General Assembly on September 22, Trump presented a choice between reaching an agreement with Tehran and carrying out his threat to “annihilate the Islamic Republic and do it quickly.” He also predicted that an agreement could follow the U.S. midterm elections, while defending U.S. military action against Iran. [caption id="attachment_56719" align="aligncenter" width="1774"] Image: UN[/caption] That framing leaves Central Asian countries facing costs regardless of their position on Tehran. Iran provides overland connections to ports serving the Persian Gulf and Indian Ocean. Damage to Iranian infrastructure can therefore disrupt trade between Central Asia and countries that are not parties to the conflict. Uzbekistan’s exposure illustrates the distinction. According to its Ministry of Economy and Finance, goods worth $3.9 billion entered Uzbekistan through Iran in 2025. That represented about 9% of total imports, including approximately $1 billion in technological equipment. Uzbek exports transiting Iran were worth another $1.4 billion. Those figures measure transit, not simply purchases from Iranian suppliers. Pressure intended to isolate Tehran can also obstruct Uzbekistan’s access to equipment and customers elsewhere. Kazakhstan has also sought a larger southern outlet. A 27-year agreement provides for a Kazakh transport and logistics terminal at Shahid Rajaee Port in Bandar Abbas. Kazakhstan’s Ministry of Trade says the project would expand access to Gulf markets and destinations in Asia and East Africa. The risks differ by port. Bandar Abbas faces the Strait of Hormuz, while Chabahar sits on the Gulf of Oman, outside the strait. Both depend on Iranian infrastructure and remain exposed to the wider conflict and sanctions environment. Developing alternative routes does not make these southern connections dispensable. Nor is exposure uniform. Kazakh officials have emphasized the limited existing role of Persian Gulf shipments in the country’s logistics. For Astana, the threat concerns future diversification as well as current trade. For Uzbekistan, the transit figures show a substantial flow already at risk. Tajikistan, meanwhile, has sought 2.55 million tons of Iranian crude oil and fuel following shortages in Russian supplies. Its search for an alternative leaves Dushanbe exposed to two conflicts, with attacks on Russian refineries disrupting its established supplier, and the conflict involving Iran threatening a potential replacement. Japarov Challenges Sanctions In his General Assembly address, Kyrgyz President Sadyr Japarov argued that unilateral sanctions harm smaller developing states and can become instruments of political pressure. “The right to impose sanctions against a particular state should, in our view,...

5 days ago

Central Asia at the UN: Saida Mirziyoyeva to Represent Uzbekistan

Saida Mirziyoyeva, the head of Uzbekistan’s Presidential Administration and daughter of President Shavkat Mirziyoyev, is expected to deliver the country’s address at the UN General Assembly’s general debate in New York. Her appearance comes as Central Asian delegations seek support for regional development and prepare for a larger role in UN diplomacy. On September 22, Gazeta reported that Mirziyoyeva would represent Uzbekistan in the debate. Her father delivered the country’s address last year. The report did not specify the proposals she would present. Mirziyoyeva met UN Secretary-General António Guterres on September 21. Her public account described discussions on cooperation with the UN, but provided no detailed negotiating agenda. The assignment follows her appointment as administration chief in June 2025, when the president restored a post abolished two years earlier. She had previously served as his assistant. This month, Mirziyoyev also appointed her to head the planned Tashkent International Financial Centre, which aims to attract private capital through tax incentives and a legal framework drawing on English common law principles. Mirziyoyeva’s UN appearance adds a major diplomatic assignment to her domestic responsibilities. She has addressed UN events before, including a water conference in 2023. Delivering Uzbekistan’s national statement in the General Assembly would give her a broader platform to present government policy. What is On the Agenda The general debate runs from September 22 to 26 and resumes on September 28. It is the centerpiece of the General Assembly’s high-level week, when world leaders address the UN and hold bilateral talks on the sidelines. The gathering is based at UN headquarters in New York, with additional events around the city. This year’s theme is “Restoring trust, managing transformation: A United Nations that delivers for all.”  Practical discussions include reforming the organization and financing development. The European Council’s published priorities call for a more effective, cost-efficient UN and stronger international peace and security mechanisms. The week also brings diplomacy over the war in Ukraine. Volodymyr Zelenskiy is due to meet U.S. President Donald Trump in New York to press for a halt to attacks on energy infrastructure, Reuters reported. Those talks take place amid continuing strikes on power facilities and refineries. The week’s program includes separate meetings on climate action and a just transition on September 23, according to Kazakhstan Today. Pandemic prevention and preparedness will be discussed on September 25. Central Asia in New York The region’s countries are attending at different political levels. Kyrgyz President Sadyr Japarov is in New York after visiting Utah. His announced program combines participation in the UN gathering with meetings with national leaders and U.S. businesses. On September 21, Japarov met financial services group StoneX. The meeting produced memoranda involving Kyrgyzstan’s Finance Ministry and Eldik Bank, following discussions about precious metals trading and access to international financial services. Kyrgyzstan is also preparing for its 2027–2028 Security Council term. In a recent interview with The Times of Central Asia, Shumkarbek Adilbek uulu, director of the National Institute for Strategic Initiatives, described efforts to secure financing for...

6 days ago

Central Asia Makes Progress on Uranium Cleanup, but Major Risks Remain

Radioactive waste lies beside the river in Mailuu-Suu, a former uranium town in Kyrgyzstan’s picturesque mountain landscape. Engineers preparing to secure it found a problem inside one of its dams. Additional drilling revealed tailings within the dam structure itself. Two subsequent studies concluded that waste from two connected ponds would have to be moved to a safer location. The discovery changed the cleanup design and increased its cost, according to the International Atomic Energy Agency’s revised master plan. Material that planners had intended to secure in place could no longer safely remain there. Once known as Mailbox 200, the town was founded in 1946 for a secret Soviet uranium program. Its workforce included Germans treated as politically suspect and former Red Army soldiers punished for surrendering during World War II. Uranium mining and processing at Mailuu-Suu ended in the late 1960s, leaving waste buried along the river. Cleanup is expected to continue until 2032. Even then, the authorities will need to maintain the restored sites and check that contamination remains contained. Mailuu-Suu illustrates why Central Asia’s uranium cleanup has stretched across decades. The waste sits in places where rivers and unstable slopes can carry it beyond the original industrial sites. Making those places safer requires extensive engineering, followed by public oversight that must outlast the contractors. [caption id="attachment_56370" align="aligncenter" width="1774"] Archival photograph of Mailuu-Suu’s old mill and uranium tailings; image: Peter Waggit/IAEA[/caption] The International Atomic Energy Agency’s latest assessment, published in January 2026, records substantial progress. Four out of seven priority sites have been remediated since the original regional plan was adopted in 2017. But Mailuu-Suu remains one of the largest and most complex projects, with work expected to extend beyond the updated regional plan’s 2030 horizon. Across the region, former uranium operations left radioactive residue after mining and processing ended. The IAEA describes facilities abandoned without adequate plans for safe closure. National governments inherited responsibility for sites where no private owner remained to pay for the work. The geography compounds the situation. The IAEA’s original planning framework identifies tailings ponds near major rivers in seismically active areas. Flooding or a landslide can undermine containment and lead to contaminated materials traveling downstream. The location of a deposit therefore helps determine the urgency and design of its cleanup. At Mailuu-Suu, the European Bank for Reconstruction and Development (EBRD) announced a €23 million grant in 2023. The original design included soil covers two meters thick to reduce water entering the waste and prevent access to it. The project concerned more than two million cubic meters of tailings along the river and its tributaries. Following the devastating 2023 earthquake in Turkey and Syria, Kyrgyzstan’s Ministry of Construction required further checks on the dams’ stability. Drilling revealed tailings inside the dam at pond seven. Subsequent studies found that the waste in ponds five and seven could not safely remain in place. The IAEA plan warns that a strong earthquake could cause the dam to collapse, allowing water-saturated waste to liquefy and enter the river....

2 weeks ago

Uzbekistan Pitches Decades of Tax Breaks to Financial Firms

Uzbekistan is offering qualifying financial firms nearly half a century of tax exemptions to set up in Tashkent. The goal is to attract private capital into an economy where state-owned banks still control most banking assets. On September 10, President Shavkat Mirziyoyev appointed his daughter, Saida Mirziyoyeva, to head the planned Tashkent International Financial Centre, Reuters reported. She has led the presidential administration since 2025. Mirziyoyev announced the project at June’s Tashkent International Investment Forum, promising free capital movement alongside tax incentives. Its legal framework would draw on English common law principles, as is the case with Kazakhstan’s Astana International Financial Centre. Who Gets the Tax Breaks? Under the founding law, qualifying participants would receive income and social tax exemptions on financial services income until January 1, 2076. Eligibility requires an actual economic presence in the center and compliance with its rules. The income incentives exclude members of multinational groups with annual revenues of at least €750 million in two of the preceding four fiscal years. Those firms face a domestic top-up tax. The offer is therefore less generous for large multinational groups. A global bank would need a commercial reason to enter Uzbekistan beyond the prospect of a lower tax bill. Most of the foreign businesses operating in Uzbekistan are already concentrated in Tashkent. Almost 63% of the country’s foreign-invested enterprises were based in the capital as of June 1, 2026. Financial firms entering the city would therefore have an existing customer base to pursue, although the numbers alone reveal little about demand for particular services. The domestic banking market does offer scope for competition. In its 2026 assessment, the IMF reported that nine state-owned commercial banks accounted for 63% of banking assets. It also noted delays in privatizing two large banks and urged the authorities to withdraw directed and preferential lending. The center could attract private lenders and help more Uzbek businesses obtain loans. However, simply moving existing deals there to reduce tax bills would do little to expand access to credit. Astana’s Head Start Kazakhstan has operated its financial center since 2018. Its AIFC Court sits outside the national judicial system and uses procedures based on English common law. Businesses can also agree to bring disputes there even when those disputes originate outside the center. The court works directly with Kazakhstan’s authorities to enforce its judgments, and says its first ruling resulted in full payment through private bailiffs. That gives prospective users a concrete example of how a commercial judgment can lead to the recovery of a debt. Uzbekistan’s law likewise provides for an independent commercial court and nationwide recognition of its final judgments. It requires judgments to be published within 30 days, subject to limited confidentiality protections. For lenders, that could reduce uncertainty about committing money to an unfamiliar market. Tashkent would still need to establish a record of decisions and enforcement comparable to the experience available in Astana. The law allows 12 months to adopt essential operating rules, extendable by six months. Activation then requires...

3 weeks ago