Tag Archives: Uzbekistan

ADB agrees $573m loan to Uzbekistan

MARCH 6 2017 (The Conway Bulletin) — The Asian Development Bank agreed to give Uzbekistan a series of loans worth $573m in a deal that signifies that institutional lenders consider Uzbek president Shavkat Mirziyoyev worth doing business with. A $100m loan has been earmarked for small businesses in rural communities and another $121m loan has been put against developing Tashkent’s water supply.

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(News report from Issue No. 320, published on March 13 2017)

IFC to help cotton farmers in Uzbekistan

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MARCH 7 2017 (The Conway Bulletin) — The IFC, part of the World Bank, is developing a programme to help cotton growers in Uzbekistan produce better cotton, more efficiently and without forced labour, an industry website reported. Cotton is one of Uzbekistan’s key currency earners but its reputation has been dented over the past few years because of the use of child labour to pick cotton. Many Western brands have boycotted it. The IFC is trialling its programme across 12 farms. If it is successful, it will roll it out to 3,000.

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(News report from Issue No. 320, published on March 13 2017)

EBRD set to re-engage with Uzbekistan

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MARCH 6 2017 (The Conway Bulletin) — In a major boost for Uzbekistan under its new president, Shavkat Mirziyoyev, the European Bank for Reconstruction and Development (EBRD) hinted that it was going to re-engage with the country after a 10 year break.

The move comes a month after EBRD delegates flew to Tashkent for talks with the Uzbek government on how best to reignite the lending process, a credit line that was cut in the late 2000s after rows over corruption, human rights and media freedom.

Reuters news agency quoted two anonymous EBRD officials in their London office as saying that they expected the bank to signal that it was re-starting lending to projects in Uzbekistan within a couple of days. They also said a visit to Tashkent later this month by EBRD president Suma Chakrabarti had also been discussed. By the end of the week no official word had been given but neither had officials refuted the Reuters story.

For Mr Mirziyoyev, a signal from the EBRD that it was preparing to resume normal service would be a major boost. He has been trying to pursue a reform-minded agenda, rolling back some of the more intransigent and isolationist policies that

his predecessor, Islam Karimov, followed. Karimov died in September 2016.

A second Reuters exclusive from Tashkent on March 7 said Mr Mirziyoyev had clashed with some of his ministers over his reform agenda.

The EBRD said that it has lent 900m euro to projects in Uzbekistan, although the flow dropped off in the first decade of the 21st century. In hasn’t approved a project in Uzbekistan since 2007 and doesn’t keep an office in Tashkent. In 2003, Uzbekistan held its AGM in Tashkent, a meeting overshadowed by rows over human rights.

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(News report from Issue No. 320, published on March 13 2017)

Currencies: Georgian lari, Kazakh tenge, Uzbek som

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MARCH 8 2017 (The Conway Bulletin) — Pushed up by decent economic data and a rise in interest rates to battle inflation which threatens to pick up this year, the Georgian lari hit a four-month high against the US dollar on March 7 of 2.45/$1, according to data from Bloomberg.

It slipped back slightly towards the end of the week to 2.5/$1 but it is still 9.1% stronger than on Jan. 1.

The Kazakh tenge fell slightly over the past fortnight but it is, too, performing well in 2017, racking up gains of around 5% this year.

As for the Uzbek som, as shown in our graph, the authorities appear to have speeded up their managed devaluation of the currency. The official exchange rate is now at 3,452/$1 an all-time low. The graph clearly shows how the steps taken to devalue the som have increased in size since mid-February. The Uzbek som is now 4.3% weaker against the US dollaxr than it was on Feb. 16. This managed downward trajectory for the som is expected to continue.

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(News report from Issue No. 320, published on March 13 2017)

Uzbek ministers argue over reforms

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MARCH 7 2017 (The Conway Bulletin) — Uzbek president Shavkat Mirziyoyev is facing internal opposition from powerful members of the elite to liberal reforms he wants to push through, various sources told Reuters. They said that his plans to move the Uzbek som to a free float, cancel visas for tourists from some countries and restart a passenger flight with Dushanbe have all been delayed because of resistance from the powerful security services.

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(News report from Issue No. 320, published on March 13 2017)

Uzbekistan’s Mirziyoyev chooses Turkmenistan for first foreign trip

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MARCH 6/7 2017 (The Conway Bulletin) — Uzbek President Shavkat Mirziyoyev travelled to Turkmenistan, his first overseas trip as Uzbekistan’s leader, opening a new railway bridge and pledging to boost cooperation in the energy sector.

By visiting Ashgabat ahead of other potential first stops as president, Mr Mirziyoyev sends a strong signal that he wants to improve relations with Turkmenistan which had been functional rather than particularly friendly under his predecessor, Islam Karimov.

And the good vibes and determination to get on and improve bilateral relations appeared to be mutual. Both Mr Mirziyoyev and Turkmen President Kurbanguly Berdymukhamedov smiled broadly during the opening of a new railway bridge crossing the arid landscape around the Amu-Darya river near the border town of Turkmenabat.

It will replace a bridge built in 1901. They also unveiled a new bust of Karimov, who died in September.

In a statement, the Uzbek government said: “The President of our country underlined that these bridges symbolise the friendship of our peoples and have a geo-strategic significance not only for Turkmenistan, but also for the whole region.”

It’s in the interests of both Uzbekistan and Turkmenistan to promote trade with their southern neighbours. They want to develop a route south to the Gulf states to send gas, wheat and cotton.

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(News report from Issue No. 320, published on March 13 2017)

SCO chief: India & Pakistan will join within three months

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ALMATY, MARCH 10 2017 (The Conway Bulletin) — India and Pakistan could become members of the Shanghai Cooperation Organisation (SCO) by June, its Secretary-General Rashid Alimov said in a message that will raise concern in the West about the growing influence of the Russia and China-led security and economic alliance.

If, or perhaps when, India and Pakistan, join the SCO it will give the organisation leverage over roughly 40% of the world’s population and extend its geographical focus away from Central Asia towards South Asia.

Mr Alimov, Tajikistan’s former ambassador to Beijing who has been heading the SCO’s secretariat since 2016, put out the statement on Sina Weibo, China’s version of Twitter.

There has been no official confirmation of Mr Alimov’s message but last year both Pakistan and India did sign an agreement pledging to join the six member group by the end of 2017. On June 8/9, the SCO plans to hold its annual summit in Astana.

Some analysts in the West have previously likened the SCO to an Asian version of NATO, set up to act as an alternative global rallying point to the West. Other observers have said that the comparison is off the mark and that the SCO is a long way off being as developed a military alliance as NATO.

Alongside Russia and China, the SCO members are Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan. Iran, Afghanistan, Belarus and Mongolia also have ‘observer’ status in the SCO, which is headquartered in Beijing and was set up in 2001.

The SCO holds war exercises, hosts diplomatic and governmental get-togethers and shares intelligence between members. It also promotes economic cooperation, allowing China to invest in Central Asia.

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(News report from Issue No. 320, published on March 13 2017)

Uzbekistan deports BBC reporter

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MARCH 4 2017 (The Conway Bulletin) — BBC journalist Hamid Ismailov said he was detained and deported when he tried to enter Uzbekistan through Tashkent airport (March 4). Under Shavkat Mirziyoyev, who took over as president in September 2016, Uzbekistan has appeared to become marginally more free.

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(News report from Issue No. 319, published on March 4 2017)

Uzbek authorities detain rights campaigner

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MARCH 3 2017 (The Conway Bulletin) — The authorities in Uzbekistan detained human rights campaigner Elena Urlaeva, Reuters reported quoting a video message she posted on the internet. In her video message, Ms Urlaeva said that she had been detained, beaten and taken to a psychiatric unit in Tashkent. She is best known for campaigning against forced labour in the cotton industry. She had been due to meet with the World Bank to discuss forced labour violations.

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(News report from Issue No. 319, published on March 3 2017)

Uzbek authorities release reporter after 18 years

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FEB. 22 2017 (The Conway Bulletin) — Uzbekistan released opposition activist and journalist Muhammad Bekjanov from prison after 18 years. Mr Bekjanov, considered one of the longest serving political prisoners in the world, was sent to prison in 1999 after a trial linked to a car bomb in the capital, Tashkent. His supporters have always said that he is innocent.

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(News report from Issue No. 318, published on Feb.24 2017)