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Strategy of reforming the banking sector of Uzbekistan is adopted
On 12 May 2020 President of the Republic signed the Decree “On Strategy of reforming the banking sector of the Republic of Uzbekistan for 2020-2025 years” No.УП-5992 (the “Decree No.УП-5992”). The Decree No.УП-5992 established Strategy and the “Roadmap” of reforming the banking sector, as well as the main principles and directions of transformation of this sphere.
S&P Global Ratings maintained Uzbekistan's credit rating at “BB-” level with a negative forecast
International rating Agency "S&P Global Ratings" (the “Agency”) has published a regular report on the sovereign credit rating of the Republic of Uzbekistan. According to the report, the rating of Uzbekistan is "BB-".
The regulation of shared construction in Uzbekistan
On May 27, 2020, there has been adopted a Resolution of the President “On measures to regulate the process of shared construction of apartment buildings” No.4732 (the “Resolution No.4732”), which will regulate the usage of proceeds accumulated from equity holders and the construction of buildings on the basis of shared construction.
A Draft Law of the Republic of Uzbekistan “On Limited Partnership”
For the purposes of further improving legal conditions to attract investments to the Republic of Uzbekistan and implementing investment projects, a draft Law “On Limited Partnership” (the “Draft Law”) was prepared and published for public discussion.
Customs incentives for imported construction equipment in Uzbekistan
The President of Uzbekistan signed a Resolution “On measures to accelerate the construction of multistorey block of flats in the regions” No.ПП-4718 dated 19 May 2020 (“Resolution No.ПП-4718”) aimed at immediate elimination of the consequences of emergency incidents that occurred in the Bukhara and Sirdaryo regions, as well as accelerated urbanization in all regions of the Republic.
A Decree supporting the tourism sector of Uzbekistan has been signed
The President of the Republic of Uzbekistan signed a Decree “On urgent measures to support the tourism sector for reducing the negative impact of the coronavirus pandemic” No.УП-6002 dated 28 May 2020, which is aimed at providing various types of incentives such as reducing tax rates, providing subsidies for participants of the tourism sector.