Uzbekistan Allocates One Billion Dollars to Establish Anti-crisis Fund

President Shavkat Mirziyoyev met with the Uzbekistani government to discuss steps to diminish the impact of the coronavirus pandemic on the national economy. According to a decision that was made at the meeting Uzbekistan will create an anti-crisis fund with more than $1 billion in budget.

As the Ministry of Finance reported these funds will be used for coronavirus spread prevention ($100 million), to help local businesses, to finance large infrastructure projects, and to provide people with social support ($73 million). To ensure the national economy’s sustainability, roughly $294 million will be spent.

Among these supporting governmental measures are injecting money into the economy, holding a tax holiday and ceasing charges on loans overdue by allocating money in those sectors that suffer from coronavirus most of all (tourism, transportation, external trade). According to President Mirziyoyev’s decree, commercial banks will be banned from charging penalties on loans for $525 million in total until October 1, 2020.

In order to support the current level of employment, the government will spend $21 million to construct various social facilities. Authorities will also provide $52 million for the state fund to support businesses that create new jobs.