06 April 2020

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20 Mar  2020 169

Uzbekistan to establish Anti-Crisis Fund

On March 19, 2020, the President of the Republic of Uzbekistan signed a decree on priority measures to mitigate the negative impact of the coronavirus pandemic and global crisis on the economy.

Unprecedented measures are being taken on a global scale to combat the spread of coronavirus infection, including through the introduction of restrictions on movement of people and suspension of enterprises. 

This caused a sharp decline in production and consumption in the largest economies, disruption of global production chains and trade relations, lower commodity prices and worsening global financial markets. 

Uzbekistan’s economy, as part of the global economic system, is also affected by these factors, which requires the adoption of effective proactive measures to mitigate their negative impact. Particular attention should be paid to supporting and ensuring the sustainability of such rapidly developing sectors of the economy of the country as tourism, transport, pharmaceutical and textile industries. 

According to the decree, an Anti-Crisis Fund will be created under the Ministry of Finance of the Republic of Uzbekistan without formation of a legal entity in the amount of 10 trillion UZS. This will contribute to ensuring macroeconomic stability, uninterrupted operation of economic sectors, stimulating foreign economic activity, effective social support to the population during the period of counteracting the spread of coronavirus infection and other global risks, preventing a sharp decline in the country’s population incomes.

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