Cabinet of Ministers of Uzbekistan resolved to approve programme on modernization and reconstruction of ginneries in 2007-11 on 3 April.

The document said that over 30 ginneries, equipped with old equipment, will be liquidated till 1 August 2007. However, they will keep storage points.

The programme will be financed due to funds, accumulated at special sub-account of the Fund on procurement agriculture products to state needs under Uzbek Finance Ministry, dividends on state share in authorized capital of Pakhtasanoat (Cotton Industry.)

The programme will be also financed due to own funds of modernized ginneries and credits of commercial banks.

The resolution said the funds at sub-account of the Fund will not be taxed and should not be included to taxation base.