Page 773 – The Times Of Central Asia

17 Apr 2024

Central Asia, Turkmenistan, Turkmenistan Business & Economy

IMF Forecasts 2.3% Growth in Turkmenistan’s Economy

June 28, 2024
By Times of Central Asia

In her report on the International Monetary Fund (IMF) mission to Turkmenistan, from 27 March – 9 April, Ms. Anna Bordon announced that Turkmenistan’s economy is set to expand by around at 2.3% in the coming year.

According to the IMF mission’s assessment of the economic outlook and risks of Turkmenistan’s macroeconomic and financial developments, the country’s economic activity moderated in 2023 and inflation is on the rise.

IMF staff estimate that post-pandemic growth surged to 5.3% in 2022 before falling to 2% in early 2023 as world commodity prices subsided, monetary policy tightened, and pressures on exchange rates abated. A temporary situation, inflation began to pick up later in 2023 and is projected to gradually rise to 8% mainly due to the country’s policy to increase public sector wages and pensions by 10% per year.

“To improve spending efficiency, Turkmenistan should enhance its targeting of social spending, move toward public wage increases based on performance, and enhance public investment management,” said Ms Borden.

The IMF estimates that growth of hydrocarbon production will stabilize at around 2%. In contrast, non-hydrocarbon growth is expected to remain subdued, given the challenging geopolitical and business environment, investment inefficiencies, the significant overvaluation of real exchange rates, and burdensome standards imposed by international regulations.

The end of mission statement concluded: “The authorities are adequately focused on economic diversification. A more market-based economic diversification strategy would be preferable. Sustained macroeconomic stability is a pre-requisite for diversification, which importantly requires adjusting the exchange rate and eliminating exchange restrictions.”

It was also recommended that Turkmenistan “gradually phase out administrative controls and reduce the footprint of the state in the economy”.

17 Apr 2024

Central Asia, Home, Kyrgyzstan Life & Culture, Life & Culture, Kyrgyzstan

Kyrgyz Climber in Nepal Sets Sights on Three of the World’s Highest Peaks

June 27, 2024
By Times of Central Asia

The head of Kyrgyzstan’s mountaineering federation is in Nepal, preparing to climb three of the world’s highest peaks in the next few months.

First up for Eduard Kubatov is the Himalayan mountain of Lhotse. Next is Makalu. Both are more than 8,000 meters high. Three years ago, Kubatov unfurled the Kyrgyz flag on the summit of Everest, the world’s highest mountain at 8,849 meters above sea level.

“If everything goes well, I will go to Pakistan in June in the Himalayas and try to climb the great K2 peak (8611 m.),” Kubatov wrote on Facebook.

Last week, Kubatov got a send-off in Bishkek from Kyrgyz President Sadyr Japarov, who presented a national flag to the mountaineer and wished him success on his expedition.

Kubatov aims to climb all 14 mountains in the world that are 8,000 meters above sea level. All are in the Himalayan and Karakoram ranges. Kubatov´s other feats include climbing the Argentine peak Aconcagua, the highest in the Americas, as well as Mt. Elbrus in Russia, Mt. Kosciuszko in Australia, and Mt. Kilimanjaro in Africa.

Kyrgyzstan has some formidable mountains, including Jengish Shokusu, Pik Lenin, and Khan Tengri. All are in the 7,000-meter range. Since 1972, 33 Kyrgyz mountaineers have been awarded the title “Snow Leopard” for climbing those peaks – eight of them did so after Kyrgyzstan´s independence in 1991, according to Kubatov.

In February, Russian climber Evgeny Glazunov died while descending from another Kyrgyz peak, Aksu. Kubatov wrote that Glazunov was a great friend to Kyrgyzstan’s climbing community.

“All the young athletes admired your example and looked up to you!” Kubatov wrote on Facebook. “So many plans and all of them remained at the foot of the cold and great rock! I will always remember you, my brother, and forgive us all for not saving you!”

Kubatov is a business consultant and honorary consul for Indonesia in Kyrgyzstan. He has a prominent profile, giving talks to students and meeting with sponsors. He also loves to bury himself in a book.

“Books are probably the strongest passion in my life after mountains,” he wrote. “Read and love books, and they will reciprocate like mountains!”

17 Apr 2024

Central Asia, Home, Uzbekistan, Tajikistan, Tajikistan Business Economy, Features, Uzbekistan International Affairs

Migrant Laborers in Russia Deprived of Free Medical Care

June 28, 2024
By Times of Central Asia

Citizens of Tajikistan and Uzbekistan working in Russia will not be able to count on free medical care until 2026 within the framework of compulsory medical insurance (CMI), according to a report by the Ministry of Health of Russia.

Based on agreements with the republics, citizens can be employed only if they acquire voluntary medical insurance (VMI) policies or with the employer’s guarantee to pay for medical care at his or her own expense. Migrants can only receive free emergency medical care.

The Crocus City Hall terrorist attack prompted the Russian Interior Ministry to take a number of restrictive measures relating to migrants. Among the planned changes are a reduction in the term of temporary stays by foreigners to 90 days per calendar year, introduction of mandatory biometric identification at entry, and the creation of digital profiles for foreigners.

There are also more radical proposals. For example, Sergei Mironov, chairman of the Just Russia – For Truth political party, said that he believes it’s necessary to introduce a visa regime between Russia and Central Asian countries.

Labor migrants remain one of the most vulnerable parts of the population, and Uzbekistan has in recent years taken a number of measures to protect their interests both inside and outside the country. A recent decree by President Shavkat Mirziyoyev provides for reimbursement of expenses for taking qualification exams in foreign languages and professional trades of up to $80, for applying for a work visa of up to $134, and for buying travel tickets of up to $53. In addition, migrants are provided with subsidies for insurance for the migrant laborer and his or her family members, as well as guaranteed free medical examinations for them. Workers abroad whose rights may have been violated can count on free legal counsel. They can also contact 24-hour migrant support call centers in case of difficult situations.

The Ministry of Employment of Uzbekistan is currently negotiating the opening of representative offices or centers in Great Britain (London), Germany (Berlin), Turkey (Istanbul) and Saudi Arabia (Riyadh) to provide legal assistance to migrant workers. The state employs workers returning from labor migration or provides subsidies to start their own businesses.

16 Apr 2024

Central Asia, International Affairs, Kyrgyzstan International Affairs, Kyrgyzstan, Business & Economy, Kyrgyzstan Business & Economy

Kyrgyz PM Japarov In U.S. For Talks With Energy Investors

September 26, 2024
By Times of Central Asia

Kyrgyzstan’s prime minister Akylbek Japarov is in the United States this week, and will meet with potential investors as Kyrgyzstan looks to grow its energy sector.

Japarov will meet with the heads of the World Bank, International Monetary Fund, the U.S. Agency for International Development (USAID), the U.S.-Kyrgyz Chamber of Commerce, Asian Infrastructure Investment Bank, Asian Development Bank and the European Investment Bank. He will also meet with representatives of leading tech corporations, according to the Kyrgyz government’s press service.

Kyrgyzstan’s largest energy project is the construction of a hydroelectric power plant on the Naryn River, for which the World Bank has allocated a soft loan of $5 million for a feasibility study. Kyrgyz authorities are also negotiating a $500 million loan to construct the hydropower plant. In total, according to current estimates, the project will cost about $5 billion.

The Times of Central Asia has previously reported that the Kyrgyz Chamber of Commerce and Industry intends to open representative offices in the U.S.

16 Apr 2024

Central Asia, Kyrgyzstan, Local Politics, Kyrgyzstan Local Politics, Kyrgyzstan Business & Economy

State Mortgages in Kyrgyzstan Can Now Be Obtained Without Credit History

June 28, 2024
By Times of Central Asia

On April 15, a law introducing a mechanism called “Shared Housing Construction” within the framework of the program, “My House 2021-2026” came into force in Kyrgyzstan. The program, as defined by the State Mortgage Company (SMC) of Kyrgyzstan, is available to all citizens.

According to authorities, Kyrgyz citizens should be able to participate in collective housing developments without risks. According to the new program, citizens can apply for state mortgages without possessing a bank credit history in the country. Furthermore, those wishing to take out a mortgage will not have their incomes checked and will not have to submit to a work history.

“Until today, one of the problems of housing provision [for] citizens in the republic was the lack of a state mechanism of equity financing of housing construction. In this regard, President Sadyr Japarov on January 30 this year signed a decree ‘On measures to further improve the mechanisms of housing provision and construction of housing for citizens of the Kyrgyz Republic in the field of state housing policy'” – reported the SMC’s website.

Loans under the program will be issued under certain conditions: the down-payment should be at least 50% of the cost of the housing, the mortgage can be taken for up to 15 years at 8% per annum. Residential mortgage issuance by commercial banks in Kyrgyzstan today operates on more stringent conditions. For example, the interest rate for borrowers starts at 20% with a down-payment of at least one-third of the value of the property.

Earlier, Kyrgyz President Sadyr Japarov instructed the Cabinet of Ministers to determine the list of state-owned land plots to be transferred to the SMC.

16 Apr 2024

Central Asia, Uzbekistan, Uzbekistan Business & Economy, Business & Economy, Uzbekistan International Affairs

Taliban Returns 120,000 Liters of Uzbek Oil Products Over Low-Quality

June 28, 2024
By Times of Central Asia

The National Department of Standards of Afghanistan has reported that it returned two tanker trucks worth of oil products with a volume of 120,000 liters from the port of Hairatan back to Uzbekistan. According to Radio Television of Afghanistan (RTA) English, the reason for this was the low quality of the imported refined products.

Furthermore, the National Administration of Standards sent back another 19 oil tankers from Sheikh Abu Nasr Farahi Port to Iran over their low-quality. The standards board once again asked Afghan businessmen to prevent the import of low-quality goods into the country.

In January of this year, it was reported that the Taliban returned more than 62 tons of low-quality oil to Uzbekistan through the Hairatan border point. In response to this, Uzbekneftgaz Chairman Bahadir Sidikov said the report was misinterpreted, and that the oil products returned by the Taliban was of high quality. Sidikov stated that the product was returned not because of its low quality, but because its standard isn’t available in Afghanistan.

“This new product was supposed to enter the Afghan market. Unfortunately, the first batch was sent back. But it’s a process. It will not be easy to enter every market. To prove the quality of this product, we sold 1,000 tons of the same diesel to Estonia last month. They received it as a “premium” and ordered 10,000 tons [more]. Currently, we are producing 10,000 tons of [oil] products. In addition, there are inter-governmental agreements,” commented Sidikov at that time.