External economic factors analyzed, necessary measures defined
22:58 / 2022-03-31

On March 31, President Shavkat Mirziyoyev chaired a videoconference on the issues of ensuring macroeconomic stability and additional business support.

International experts predict that the current difficult situation in the global economy will last for a long time. This, of course, cannot but have a negative impact on domestic prices, especially on food products, and inflation.

This circumstance is regularly analyzed at meetings with the President, and the necessary response measures are taken. This gave its results – the situation in the domestic market is stable.

In particular, the rise in prices for meat, milk, potatoes, eggs and rice is not allowed. At the Commodity and Raw Materials Exchange, the volumes of exhibiting food products from foreign suppliers have been expanded. The foreign exchange market and the exchange rate have stabilized.

“Our people should not worry too much in this matter. We have enough reserves to prevent sharp fluctuations in the foreign exchange market”, the Head of the state said.

It was noted that the reduction in food prices in the coming month of Ramadan is a good deed, for this, it is necessary to provide practical assistance to entrepreneurs. To this end, until the end of the year, the effect of benefits on funds allocated for the import of food products has been extended.

A republican headquarters headed by the Prime Minister and regional headquarters under the leadership of hokims have been formed. They are instructed to monitor market prices daily and take measures for additional supplies of products based on consumer demand. The task was set to establish daily control over the listing of food products and raw materials on the stock exchange, to prevent an artificial rise in prices.

“Now the world is going through a difficult period, every day we face new challenges. But we cannot sit and wait for what will happen tomorrow. We need to quickly identify and solve problems, find new opportunities”, Shavkat Mirziyoyev said.

Additional support measures for entrepreneurs have been identified to reduce the impact of external risks.

In particular, banks will provide entrepreneurs with an additional 10 trillion UZS of revolving loans for the purchase of raw materials and replenishment of turnover. Both volumes and preferential rates of loans allocated under government programs for horticulture, family businesses, as well as mortgage and educational loans will be preserved.

“No matter how difficult it is, we will not reduce funds and increase the burden”, the President said.

It was also instructed not to apply fines under the new tax administration mechanisms until the end of the year, as well as to extend the period of customs benefits.

The results of the Tashkent Investment Forum were considered.

Contracts and agreements worth almost $8 billion were concluded during the forum. Many foreign entrepreneurs have expressed a desire to start or develop their businesses in Uzbekistan.

It was noted that all conditions will be created for investors for the full implementation of these agreements and initiatives. The heads of economic sectors have been tasked with negotiating with foreign companies on integration into their production chains. The need was noted for creating wholesale trade zones in Navoi, Samarkand, Tashkent, Bukhara and Surkhandarya regions, which will supply products to the markets of neighboring countries.

Strict instructions were given to reduce costs in regions and industries, suspend spending on repairs, the purchase of cars, furniture and office supplies.

It was noted that in the current unstable situation in the international financial market, it will become more difficult to attract funds from abroad. In such circumstances, the most correct way is to use the available resources wisely and efficiently.

For example, to date, funds raised by 105 projects worth $9 billion are not being used or are being developed slowly.

In this regard, the Deputy Prime Minister was instructed, together with the heads of industries and hokims, to carefully study each project, speed up implementation, and stop inefficient and unpromising projects.

The main attention was paid to the issues of ensuring employment of the population.

“This issue should be considered not only as an economic indicator, but also from the point of view of the social protection of our people”, Shavkat Mirziyoyev said.

The indicators of job creation by regions and districts were analyzed, and the shortcomings were indicated.

To date, 67 types of activities are classified as forms of self-employment. It was noted that the number of such professions will be increased to 20, which will provide employment for an additional 150,000 people.

The Government was instructed to expand the scale of social support for the population in need of assistance.

Responsible persons provided information on the issues discussed at the meeting.