Special Commission has been created for the accession of Uzbekistan to the WTO
For the purposes of acceleration and improvement of the preparation of Uzbekistan in the process of accession to the World Trade Organization (the “WTO”), a special inter-ministerial commission (the “Commission”) has been created. Its main tasks and functions are determined by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan “On approval of regulation on Inter-ministerial commission to work with the World Trade Organization" № 339 dated 28 May 2020 (the “Resolution № 339”).
Strengthening the responsibility for illegal seizure of land
Following the results of the fourth plenary session of the Senate of the Oliy Majlis of the Republic of Uzbekistan, the Law “On amendments and additions to some legislative acts of the Republic of Uzbekistan in connection with the increased liability for illegal seizure of land” (the “Law”) was approved. This Law introduces amendments and additions to the Criminal Code, the Code of Criminal Procedure and the Code on Administrative Responsibility.
Uzbekistan establishes a Council on International Rankings
The President of the Republic of Uzbekistan signed a Decree “On improving the position of Uzbekistan in international ratings and indices” No.УП-6003 dated 2 June 2020 (the “Decree No.УП-6003”). A Republican Council, which will function in this direction, is being established.
Fitch Ratings affirms Tashkent City at “BB-” level and “stable” forecast
Affirmation of ratings by Fitch Ratings (the “Agency”) reflects a combination of a “weaker level” assessment of the city’s risk profile and an “AA” debt resistance rating according to the rating scenario. The Agency also notes that the city’s issuer default ratings are one step lower than the independent “BB” credit rating due to poor reporting practices and transparency that lags behind international standards.
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.