On 19 January, the session of the Cabinet of Ministers of Uzbekistan was held in Tashkent, which discussed social-economic development of Uzbekistan in 2011 and important priorities of economic programmes for 2012.

Islam Karimov stated that the growth of gross domestic product (GDP) of Uzbekistan will make up 8.2%, industrial output – 8.6% and agriculture production – 5.8%.

Consumer prices index in annual calculations will grow by 7-9%, while it is planned to keep refinancing rate of the Central Bank at the level of 12%, he said.

Uzbek leader said that it is planned that 60% of expenses of the State Budget of Uzbekistan for 2012 will be directed to social sector and social welfare of population.

According to the Uzbek President, it is planned to decrease tax burden, first of all, to small and private businesses. The single tax payment is decreased from 6% to 5% for them.

Minimal tax rate for income of individuals fell from 10% to 9%, which will impact people with low income, he said.

Uzbek head said that the volume of capital investments to development of economy will increase significantly in 2012 (109.3%) and its share in GDP will make up 24.5%.

President underlined that the volume of foreign investments and attracted loans will grow by 16% and make up US$3.3 billion, of which US$2.3 billion or 70% will be foreign direct investments.