World Bank makes loans to Uzbekistan contingent on rate of reform
Posted 03/20/2002 Tashkent. (Interfax)
The World Bank's board on Tuesday discussed a new strategy for aiding Uzbekistan, whereby new credits would be made available to the country contingent on the rate at which its economy reforms. The strategy provides for two crediting scenarios in the next three years. One is basic, in which $300 million to $350 million will be made available if reforms are carried out vigorously, and the other cautious, in which $150 million would be lent if the reform proceeds at today's rate and the macroeconomic situation does not deteriorate, the bank's press release says. The board called on the Uzbek Cabinet to accelerate macroeconomic and structural reforms, especially in currency regulation and trade, and also in the judicial and legal fields to promote the development of the private and financial sectors and the liberalization of agricultural policy, reads the release.
