First Deputy head of the Main Department of the state budget - Sherzod Mukhamedov Answers the question
1. A total of 6.5 trillion sums have been allocated from the Anti-Crisis Fund to solve the problems that have arisen due to the pandemic. Including:
- 1 trillion sums - expenses for measures to combat coronavirus - keeping citizens in quarantine and patients undergoing treatment in hospitals, as well as purchasing medical equipment.
- 2.5 trillion sums were spent on construction and reconstruction, which help stimulate demand in the country and stabilize the economy.
- 640 billion sums - for social protection measures: providing material assistance to vulnerable groups of the population, including low-income women, subsidizing part of the costs of citizens for the development of household plot (land), attracting the unemployed to temporary public works. All these contribute to the support of citizens.
- 2.3 trillion sums to cover priority payments to employees of large industrial and service enterprises during a pandemic.
Question: how transparent is the expenditure of debts from various international organizations and funds in order to reduce the impact of the pandemic on the economy? On what terms are debts taken?
Director Of the Department of state internal and external debt of the Ministry of Finance Dzhasur Karshibayev answers the question
I. As additional funding for the Reform Support Project (Tranche 2), the World Bank allocated a soft loan in the amount of USD 200 million for a period of 30 years (including a grace period of 5 years) with a floating rate of 1.2% (6-month LIBOR + 0.88% floating spread).
II. International Monetary Fund allocated concessional loans in the equivalent of $ 375 million for mitigating the negative impact of the coronavirus pandemic on the economy of the Republic of Uzbekistan,.
These loans include non-interest bearing quick credit line for 10 years (with 5 years of grace period) in the amount of USD 125 million and a quick financing instrument in the amount of USD 250 million for a period of 5 years (with 3 years of grace period) with floating rate of 1.05%.
III. Asian Development Bank has allocated a soft loan amounting to USD 500 million for a period of 15 years (with 3 years of grace period) with a floating rate of 0.84% (6-month LIBOR+ 0.5%) for budget support.
Funds raised from international financial institutions are directed to the Anti-Crisis Fund on the basis of relevant decrees and orders of the President of the Republic of Uzbekistan and the government. Information about the spending of this money is regularly published on the websites and Telegram channels of the Ministry of Finance.