Page 944 – The Times Of Central Asia

01 Dec 2023

Uzbekistan, Uzbekistan Features, Uzbekistan Home, Uzbekistan Business & Economy

ADB Helps Support Privatization, Expand Lending to MSMEs in Uzbekistan

June 27, 2024
By Times of Central Asia

According to a press release by the Asian Development Bank (ADB), the bank, in partnership with Sanoat Qurilish Bank (SQB) have signed a $50 million senior convertible loan to support Uzbekistan’s privatization of state-owned banks, which will strengthen the banking sector, and contribute to economic growth and job creation. The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) are parallel lenders.

The loan will be used to help SQB expand its financing to underserved micro, small, and medium-sized enterprises (MSMEs), including those owned or led by women (WMSMEs). Portfolio diversification will contribute to SQB’s transition into a fully universal commercial bank by serving a broader customer segment. ADB will also provide technical assistance to help SQB implement its transformation roadmap.

“ADB fully supports the Government of Uzbekistan in its transformation to a vibrant and inclusive market economy and its implementation of banking sector reforms”, said ADB’s Director General of the Private Sector Operations Department, Suzanne Gaboury. “This project will support the stability of the country’s banking system, capitalization and deposit levels, while strengthening resilience and lending to climate projects and underserved MSMEs and WMSMEs”.

According to ADB’s Uzbekistan Country Director, Kanokpan Lao-Araya, “MSMEs continue to struggle to secure commercial financing to fund their growth, with women-owned enterprises being the most affected. ADB is supporting an enabling environment in Uzbekistan for MSMEs gain easier access to markets, as well as providing much needed financing to close the financing gap for MSMEs. ADB’s partnership with SQB builds on those two objectives”.

MSMEs play a significant role in Uzbekistan’s economy, comprising the majority of registered businesses and employing 74% of the workforce. However, access to financing remains a challenge, with only 13% of the sector having access to commercial loans. Women-led businesses face an even greater financing gap, estimated at $2.7 billion, with loans to women-owned businesses making up just 2.5% of total bank loans.

01 Dec 2023

Uzbekistan Environment, Uzbekistan

UNDP Outlines Approach for Green Transition

June 27, 2024
By Times of Central Asia

As outlined in a press release on its website, the United Nations Development Programme (UNDP) has embarked on a mission to apply foresight to its programme activities, with an initial focus on the Green Transition. This approach seeks to envision alternative futures and explore their implications for policy development. UNDP aims to foster collaboration by engaging government agencies, think tanks, NGOs, and the private sector, incorporating diverse perspectives into the decision-making process, UNDP Uzbekistan said.

Matilda Dimovska, UNDP Resident Representative in Uzbekistan highlighted that “We are proud to announce the first exercise on Green Transition Foresight in Uzbekistan as a groundbreaking milestone. By uniting various stakeholders, we have fostered a collaborative environment that has yielded thought-provoking outcomes in the form of drivers of change, scenarios, and potential implications. Our objective is not to predict specific outcomes, but rather to stimulate critical thinking, question prevailing assumptions, and uncover influential forces that can shape policies for a sustainable future in the world of uncertainties”.

Through a series of engaging online and in-person interactions from 2022 to 2023, futurologists, UNDP experts, and government partners utilized the University of Houston’s Foresight Framework. This collaborative effort involved domain mapping, scanning for signals of change, generating drivers of change, modeling alternative future scenarios, and identifying actionable ideas to support ongoing government reforms. Among the identified ideas are the development of a national tariff system, prioritizing youth involvement in the green economy, focusing on internal capacity building, and fostering cross-government coordination.

Building on the insights gained, UNDP plans to continue experimentation and prototyping, allowing for the development of adaptable strategies and policies. By employing narrative scenarios, UNDP aims to ensure resilience and responsiveness to unforeseen challenges.

UNDP remains committed to providing necessary assistance in leveraging foresight and scenario-based approaches in policymaking to enable transformative change. Through these efforts, UNDP is dedicated to supporting Uzbekistan in navigating the complexities of the Green Transition and building a sustainable future.

01 Dec 2023

Uzbekistan, Uzbekistan Home, Uzbekistan Justice

Teen Jailed for Derogatory Post About President Mirziyoyev

June 27, 2024
By Times of Central Asia

A Samarkand regional court has sentenced a 19-year-old Uzbek individual to two-and-a-half years in prison for derogatory comments aimed at President Shavkat Mirziyoyev in an Instagram post featuring the presidential family, some of whom hold significant political and business positions, as per RFE/RL’s Uzbek Service.

Dilshod Iskandarov becomes the latest among at least three Uzbeks convicted within the last year under a criminal statute related to insulting or defaming the president. Iskandarov reportedly deleted the post following warnings from relatives about its potential consequences.

01 Dec 2023

Justice, Kazakhstan Local Politics, Kazakhstan Justice, Kazakhstan

Kazakhstan: Convicted Former Security Chief Massimov Faces New Charges

June 27, 2024
By Times of Central Asia

New charges of money laundering and taking a bribe have been levelled at the imprisoned former chief of Kazakhstan’s National Security Committee (KNB), Karim Massimov. On November 14^th, the KNB’s press service said that Massimov is currently in a pretrial detention center in Astana awaiting trial on the new charges. No further details regarding the charges were provided.

In April, Massimov, a close ally of former President Nursultan Nazarbayev, was sentenced to 18 years over his role in the deadly events which followed unprecedented anti-government protests in January 2022. His deputies, Anuar Sadyqulov and Daulet Erghozhin, were sentenced to 16 years and 15 years in prison in respectively. A court in Astana found all three men guilty of high treason, attempting to seize power by force, and the abuse of their offices and power. Another former deputy of Massimov, Marat Osipov, was sentenced to three years in prison on a charge of abuse of office at the same trial. Massimov’s first deputy, Samat Abish, a nephew of Nazarbayev, was dismissed from his post, but did not face any charges.

The 58-year-old Massimov was arrested days after the initially peaceful protests turned into widespread violent unrest and coordinated attacks on government installations which left at least 238 people, including 19 law enforcement officers, dead. The protests began in the southwestern town of Zhanaozen early January 2022 over a sudden hike in the price of fuel, before demonstrations quickly spread into broader unrest against corruption, and perceived injustice.

01 Dec 2023

Turkmenistan Home, Turkmenistan, Turkmenistan Local Politics

Turkmenistan’s Mejlis Adopts Law on the State Budget for 2024

June 27, 2024
By Times of Central Asia

On November 24th, the Mejlis of Turkmenistan, during its fourth meeting of the seventh convocation, unanimously adopted the Law “On the State Budget of Turkmenistan for 2024”. The budget, which is based on comprehensive calculations backed by the state’s financial capacity, aims to serve the interests of the people and their well-being.

The session was chaired by President Serdar Berdimuhamedov, who addressed the priorities of the state policy. The meeting also considered several significant normative legal acts developed in line with the country’s comprehensive program for the modernization of the legal framework.

The main financial-legal document for local budgets in the forthcoming year was also discussed. The budget for 2024 is set to reach a total of 102,313.5 million Turkmen manat (US $ 29.23 billion), marking a significant increase from the previous year1.

In addition to the 2024 budget, the Mejlis also unanimously adopted the Resolution “On the Implementation of the State Budget of Turkmenistan for 2022”.

The meeting further deliberated on several draft laws such as the “International Convention on Civil Liability for Damage from Bunker Fuel Pollution”, “Amendments and Additions to Some Legislations of Turkmenistan”, and “Protection of Objects of National Historical and Cultural Heritage”. These legislative drafts were all unanimously approved and adopted.

The adoption of the state budget for 2024 and the discussion of various legislative drafts underscore the government’s commitment to modernizing the country’s legal framework and boosting economic growth.

01 Dec 2023

Turkmenistan Life & Culture, Turkmenistan, Turkmenistan Local Politics

Turkmenistan Honors Agrarians with State Awards “For Love of the Fatherland”

June 27, 2024
By Times of Central Asia

In a grand ceremony held in Ashgabat in mid-November, more than 20 agrarians were bestowed with state awards “For Love of the Fatherland” on behalf of President Serdar Berdimuhamedov. The event, which took place on the eve of the traditional harvest festival, recognized the significant contributions these agricultural workers have made towards the development of the industry.

The award ceremony was held at the Turkmen Agricultural University, which also organized an exhibition showcasing cotton, wheat, fruits, and vegetables as part of the celebratory proceedings. The exhibits served not only as a testament to the hard work and dedication of the country’s farmers but also highlighted the diversity and richness of Turkmenistan’s agricultural sector.

President Serdar Berdimuhamedov personally congratulated the awardees, emphasizing their crucial role in ensuring the country’s food security.

The harvest festival is an annual tradition in Turkmenistan, celebrated on the second Sunday of November. It is a day dedicated to honoring the country’s farmers and recognizing their efforts in maintaining the nation’s agricultural prosperity.

This event underscores the government’s commitment to appreciating and uplifting the agricultural sector, which plays a vital role in the country’s economy and food security.