President of Uzbekistan signed a decree on 21 July 2008 on increasing the size of the minimum salary, pensions, stipends and social allowances.
The Asian Development Bank (ADB) is set to increase its financial aid to Kyrgyzstan, said the Kyrgyz president’s press office, citing the bank’s management.
Liberalization of the economy requires clear and comprehensive accounting and audit practices, transparency and access to financial information for further development of the real sector and promotion of foreign investment inflow to the country. In turn, this necessitates development of appropriate legal framework for effective regulation as well as timely disclosure of complete and reliable financial information in line with requirements of the market economy and universally recognized accounting and audit standards. Significance of this round table stems from the need to discuss the issues related to removal of existing shortcomings in accounting and audit practices including improvement regulatory framework, as well as improvement of financial reporting principles among all stakeholders.
A roundtable titled Actual issues of accounting and audit in conditions of economic liberalization was held in the conference hall of the Radisson SAS Hotel on June 27, 2008.
Uzbekistan’s National Bank for Foreign Economic Activities plans to borrow US$30 million from China’s Eximbank to finance the provision of equipment and know-how to small businesses, the Uzbek bank told Interfax.
Europe should pay more attention to Central Asia, said delegates to the summer session of the Parliamentary Assembly of the Council of Europe (PACE) in comments on a report, which named the European Bank for Reconstruction and Development (EBRD) the central partner to transitional economies.
The World Bank’s Board of Executive Directors today discussed a new Country Assistance Strategy (CAS) for Uzbekistan focused on basic human needs and improving living standards. The CAS is a document that details the World Bank Group’s work plan to assist client countries in achieving their development goals. The new CAS for Uzbekistan covers the period 2008-2011 and plans on contributing to the financing of 2-3 public investment projects per year, as well as support to the private sector, through the International Finance Corporation (IFC), the private sector lending arm of the World Bank Group.
A meeting of the Expert Council of the Business Forum for Fiscal Policy Improvement under the Chamber of Commerce and Industry of Uzbekistan dedicated to the subject "New Tax Code of Uzbekistan: Ways for Improvement" was held in the conference hall of the Poytaxt Hotel on June 6, 2008.
A mission of the International Monetary Fund (IMF) visited the Republic of Uzbekistan from April 30 through May 16, 2008 to hold discussions with the Uzbek authorities within the framework of 2008 Article IV consultations. The mission was headed by Ms. Sena Eken, assistant director in the Middle East and Central Asia Department of the IMF.