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According to the Bank’s website, the program will support regulatory and institutional reforms, including enhancements to financial market infrastructure, by focusing on three key areas: (i) improving market facilitation to streamline financial transactions and services, (ii) increasing demand measures to boost consumer and institutional engagement with financial services, and (iii) enhancing supply measures to ensure a more robust provision of financial products and services. It will contribute to the acceleration of the country's transition toward a market economy by developing its financial market to finance the real economy, which is moving from a state-led and -dominated model to one oriented on the market and the private sector. The program supports the development of capital market instruments to mobilize private sector and sustainable finance.
The government adopted its medium-term plan, Development Strategy for the New Uzbekistan 2022-2026, and its long-term plan, Uzbekistan 2030 Strategy, which prioritizes the country's transition toward a social market economy. Both strategies recognize the central role played by the banking sector and financial markets in fostering this transition, reinforcing the policy actions achieved under subprograms 1 and 2, and ADB's non-sovereign operations that support micro, small and medium-sized enterprises, agriculture borrowers, microfinance institutions, and trade and supply chain finance. The Uzbekistan 2030 Strategy tasks the government with modernizing and developing financial markets to better address the financing needs of the real economy, which is moving away from an economy led and dominated by the state toward a model that is market-oriented and led by the private sector.
Reforms under the program do not anticipate any direct or indirect environmental impacts, will not cause involuntary resettlement, and will have no impacts on indigenous peoples. The program is classified category C for environment, involuntary resettlement, and indigenous peoples.
The government has requested a regular loan of $100 million from ADB’s ordinary capital resources to help finance subprogram 2. The loan will have a 15-year term, including a grace period of 3 years; an interest rate determined in accordance with ADB’s Flexible Loan Product; a commitment charge of 0.15% per year; and such other terms and conditions set forth in the draft loan agreement. Based on the straight-line method, the average maturity is 9.25 years, and there is no maturity premium payable to ADB.
According to the MOEF, the government’s financing requirement (overall fiscal deficit) is projected to be $4,142 million (4.0% of GDP) in 2024.
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