Many countries of the world are currently experiencing financial and economic crisis and are searching for ways to stabilize the situation at financial and trade markets, and support the banks and the real sector.

Over the past years, the government of Uzbekistan took a number of measures to make the country’s economy less vulnerable to the risk of the global financial crisis. The structure of the economy is being consistently improved, new enterprises producing competitive goods are created and the export volumes are increasing. The financial and banking system is mainly based on the internal resources.

At the same time, there are external factors, mainly worsening of the conjuncture of the world trade markets and growing competition, which negatively influence the Uzbek economy through the falling prices and volumes of certain types of products exported from the country.

In order to overcome the negative consequences of the world financial crisis and ensure the macroeconomic balance and stable economic growth, the President signed the decree on the Programme of measures to support the enterprises of the real sector. The Programme was developed by the Cabinet of Ministers.

The decree outlines the main factors helping to overcome the crisis consequences in the real sector and lays foundations for the further growth and expansion of production and exports.

Among these factors are modernization of enterprises, attracting modern technologies and introducing international standards of quality.

The Programme envisages additional measures to speed up the implementation of the 11 important Programmes of modernization in basic sectors, replacement of the old equipment and starting the realization of the most important project in industry and transport infrastructure.

The Programme includes measures to support exporters in ensuring the competitiveness of their products in foreign markets and creating additional stimuli for export. The exporting enterprises will be able to receive soft credits and will get temporary tax preferences.

The document also contains measures to prevent the ungrounded growth of prices for energy and main communal services, as well as reduction of the production’s cost price at least by 20%.

Additionally, the Programme lists measures for development and stimulation of the small business and private entrepreneurship.